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 Dec Contract (EC, ETF: (FXE, UUP))
Trying to rally Tuesday night stopped short of the 1.0685 buy signal before reversing down through Wednesday morning. Filling the gap back down to last Wednesday’s 1.0560 close Wednesday morning could serve as the low’s retest if followed by a close back above 1.0655.

Gold Feb Contract (GC, ETF: (GLD))
Holding tests of 1191.50 resistance through Tuesday night resolved down Wednesday back to prior lows, likely to extend to the 1166.00 objective where forming a durable bottom would be more credible.

Silver Mar Contract (SI, ETF: (SLV))
Once again backing of from 16.70 resistance Wednesday held Tuesday’s 16.45 low to avoid probing fresh lows, which a bottoming pattern does not require.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s threat of reversing the series of lower lows and lower highs had required resolving down almost immediately to avoid recovering the 154-17 buy signal. Wednesday’s open did gap down, and extend back down to 151-16 prior lows. The decline has no bearish excuse not to extend down without further delay, unless a bottom is forming.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s retest of Sunday night’s low had required launching a recovery almost immediately. The overnight rally gapped up to trigger the 46.60 buy signal and extend sharply higher intraday. Prior highs were probed by attacking 50.00, still likely at least to touch 50.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Another narrowly ranging session held the 3.30 pullback limit to greet Thursday’s EIA report from a position of strength, including the 3.45-3.50 objective outstanding above. A knee-jerk reaction down would be attracted to 3.20 and 2.98 gaps outstanding below.

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 Dec Contract (EC, ETF: (FXE, UUP))
Firming Tuesday to 1.0650 stopped short of 1.0685 whose recovery would prevent retesting last week’s low to form a durable bottom.

Gold Feb Contract (GC, ETF: (GLD))
Still fluctuating around 1191.50 resistance (basis Feb, 1188.00 basis Dec) instead of rallying above it doesn’t qualify as completing the current bottoming attempt, or as rejecting its vulnerability to probing a fresh low at 1170.00.

Silver Mar Contract (SI, ETF: (SLV))
Rallying Tuesday probed above the 16.70 buy signal (basis Mar, 16.62 basis Dec) to 16.78, but still overlapped it to avoid completing the bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming Tuesday further delayed resuming the continuation pattern’s break lower, which questions whether another bottoming pattern is forming. But the trend remains down unless closing above 154-19.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s drop extended lower Tuesday morning to probe under Sunday night’s lows down to 44.80-44.85. Bouncing wasn’t recovered sufficiently to signal the pullback had ended, but closing above 47.60 would put into play fresh highs at 50.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Initiallly probing slightly higher Monday night, Tuesday only hovered and barely held 3.30 as support to avoid launching a pullback targeting at least two lower gaps 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 Dec Contract (EC, ETF: (FXE, UUP))
Bouncing Sunday night held a brief test of the 1.0685 buy signal that would trigger if recovered through the close. Its reaction down dipped back under Friday’s lows to Wednesday’s afternoon highs, and only the briefest fresh low would be tolerated if the pattern is bottoming.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s bounce was retraced back down to spend Monday morning overlapping 1188.00 whose recovery would signal a bottom is forming.

Silver Dec Contract (SI, ETF: (SLV))
Sharply higher highs Sunday night up to 16.85 were retraced by Monday morning at least back under 16.62, whose recovery would otherwise signal that a bottom is forming, if not already formed.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing again Sunday night continued to delay a new downleg from the recent continuation pattern. But fresh lows remain likely so long as 154-19 is not recovered.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s drop was refueled by weekend headlines to gap down Sunday night to test 45.15. But that never extended before recovering through Monday’s open as the news turned more favorable. Back above 48.00 would help to confirm that at least a fresh high — potentially up to 50.50 — remains likely before a durable downleg would be credible.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to test 3.28 helps to confirm the next higher target is in-play at 3.35-3.40. Back under 3.19 — especially by gapping down Tuesday — would suggest that gaps below 3.01 and 2.95 will be filled first.