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))
Wednesday’s range held up ahead of Thursday’s ECB policy statement and Mario Draghi press conference to come. They’re being greeted from a position of strength, to the extent that this week’s price action has been restrained optimism. It’s not enough to prevent a reaction down, but should enable a recovery.

Gold Dec Contract (GC, ETF: (GLD))
Attacking 1350.00 later Tuesday was retraced down to the 1337.50 sell signal. Its test held, keeping alive potential to retest 1350.00.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s intraday attack on 18.10 didn’t extend any higher overnight. Its reaction down Wednesday held support at what had been the rally’s 17.90 target.

30-year Treasury Dec Contract (US, ETF: (TLT))
Without any “unfinished business above” Tuesday’s 157-04 high, Wednesday tried probing higher to 157-12. Its reaction down probed back under last week highs and the new 156-24 sell signal.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up extended intraday to test 49.40. Pullbacks must now hold 47.95 to maintain the upside momentum. Closing under 47.95 — especially Thursday, which includes the week’s delayed EIA report — would be likely to retest recent lows very rapidly.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s dip back down to the 2.98 buy signal was recovered Wednesday to test the new 3.02 buy signal, which held. But Thursday’s EIA report is still being greeted from a position of strength, having confirmed last Thursday’s breakout with at least an eventual third higher close outstanding.

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))
Gapping up Tuesday preserved Friday’s dip that had held within the maximum pullback limit, keeping in-play the potential for retesting last week’s highs.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Sunday night to fresh highs at 1339.50 on the weekend’s N. Korea missile news had extended momentarily to touch 1345.50, which was attacked Tuesday after an interim dip stopped optimistically short of touching last week’s 1331.00 “lower prior highs.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s gap up on the N. Korea news immediately fulfilled the outstanding.17.90 target, eventually probing it to attack 18.10. Gapping back down Wednesday under 17.75 would form an Island.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing under the rally’s 155-10/155-20 pullback limit Friday was actually still overlapping it, so it wasn’t credible. Gapping up Sunday and extending sharply higher Monday pierced last week’s 156-28 overnight high up to 157-00. There is no “unfinished business above,” and room for a pullback down to 155-26/156-00 before reversing the trend back down

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up through the 47.95 bounce limit extended to attack 49.00. Closing above.48.95 would signal the trend has reversed up. That was already suspected when last week’s low came within a dime of the 45.50 target and held a pullback to 46.60. Closing under 47.75 would reinstate downside momentum.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s confirmed breakout above 2.98 now requires at least an eventual third higher close. Meanwhile, gapping down Tuesday back down to 2.98 would reinstate potential to 2.84 under 2.95. Back above 2.98 would reinstate last week’s confirmed breakout.