Bigger Picture

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Probing higher overnight attacked 1.2010 and retested last Tuesday’s overnight high. Reacting down through the morning maintained positive territory, albeit ineffectual optimism that suggests distribution has begun.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s rally probed higher overnight to attack 1362.50 but Friday’s open reversed it back down to fill the gap from Thursday’s close and to momentarily pierce negative territory. Not closing above Thursday’s high does undermine the upside momentum, but it’s bearish only if an intraday retest of Thursday night’s high were reversed back under Friday’s close.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs overnight weren’t maintained through Friday morning, which failed to exploit the opportunity to confirm Thursday’s breakout above a multi-session range. Reversing into negative territory was contained within Thursday’s range and above the 17.90 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
New highs overnight up to 158-09 were retraced to open Friday under Thursday’s 157-30 high and to fluctuate intraday around unchanged. The 156-24 pullback limit is unchanged.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower overnight started trending down sharply after Friday’s 49.00 open. Consolidating at 48.25 resolved down again to attack 47.25. That all but neutralizes the “lower prior highs” and previously unfilled gap that was possible before fulfilling Tuesday’s confirmed breakout. There’s room for noise down to 47.10 or 46.95, but back above 47.95 would start to signal the corrective dip was done.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Reacting down overnight from the 3.02 buy signal extended through the 2.95 sell signal to attack its 2.84 target down to 2.88.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Resolving up through Thursday’s ECB events helped to confirm that Friday’s reaction down did hold its corrective limits, so that a new upleg is now underway.

Gold Dec Contract (GC, ETF: (GLD))
The holiday weekend’s attack on 1350.00 was likely to be retested, which the reaction to Thursday’s ECB events accomplished up to 1355.50. Closing back under Sunday night’s 1339.50 open or its 1337.50 low would signal the trend reversing back down.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs testing 18.20 Thursday morning fulfilled any requirement for retesting the week’s earlier overnight highs. Having originated from a dip to 17.90 support, a second consecutive higher close Friday would confirm a very strong breakout.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s break under 157-24 didn’t extend any deeper to its pullback objective under 156-00 before recovering the sell signal and probing new recovery highs attacking 158-00. Another dip under 157-24 (if not also under 157-16) would be bearish, but the trend otherwise remains up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s delayed EIA report didn’t trigger much volatility, as Tuesday’s confirmed breakout was maintained, still having room for a pullback down to 48.00 or even to “lower prior highs” at 47.25 without targeting new lows.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The 3.02 buy signal continued being tested both into and out of Thursday’s EIA report. It didn’t trigger, as Thursday dipped to fill the gap back to Wednesday’s close and neutralize its attraction below.