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))
Despite Monday having filled the gap up left outstanding from the prior Friday, Tuesday’s gap down created another gap back up to Monday’s close. Tuesday’s gap down held the 1.1765 sell signal, enabling Wednesday to fill the gap above. And it was done by gapping up, creating a gap back down to Tuesday’s close, which is essentially the 1.1765 sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Only firming overnight wasn’t enough to reject Tuesday’s test of the 1288.00 sell signal, which wasn’t recovered above a relevant level and remains vulnerable to triggering.

Silver Sep Contract (SI, ETF: (SLV))
Only firming overnight wasn’t enough to reject Tuesday’s test of the 16.90 sell signal, which wasn’t recovered above a relevant level like 17.05 and remains vulnerable to triggering.

30-year Treasury Sep Contract (US, ETF: (TLT))
A third consecutive session Wednesday developed within Friday afternoon’s range, without trending down or rejecting any probe of fresh highs. But Wednesday developed at Friday’s highs, just avoiding a fresh high to still qualify as more “ineffectual pessimism,” which is vulnerable to resolving up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still fluctuating around 47.95 and back up to the 48.45 sell signal — instead of trying to resume Monday’s break — is undermining the potential for another downleg that finally tests the low’s consolidation.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Closing back under 2.95 Tuesday wasn’t sufficient to reverse momentum down, like closing under 2.91. Gapping down to it Wednesday still held it into the afternoon.

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))
Already reacting down overnight, Tuesday’s open again retested the 1.1765 sell signal, which continues to behave more as a magnet than as an inflection point.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness tested the 1288.00 sell signal before bouncing. The bounce stopped short of recovering 1295.00, which makes another dip likelier to extend down.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday morning dipped deeper to test the 16.90 sell signal. Reacting up sharply held the 17.05 pullback limit as resistance, all but signaling the trend is reversing down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s inside-day was followed by another Tuesday morning, even while surging stocks seemingly offset the catalyst for last week’s flight-to-safety rally.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s bounce back up to 47.95 resistance was largely retraced into Tuesday’s open. But Tuesday morning’s bounce retested 47.95. Resistance held through the close, but can still resolve down Wednesday as EIA is being greeted from a position of weakness.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Surging before Tuesday’s open wasn’t extended above its 3.00 open, and reversed through the morning to 2.93, preventing a decisive close above 2.95 that would have closed the door to a deeper pullback targeting 2.81.