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))
Blipping up at Thursday’s open was rejected by probing fresh lows through the morning, and extending down to the 1.0655 target. And through it. Back above 1.0685 would signal the decline had ended.

Gold Dec Contract (GC, ETF: (GLD))
Finally resuming the decline Thursday morning which extended to retest Monday’s 1211.00 low. It remains likely to be probed down to 1206.00, and probably also to 1196.50, so long as 1213.00 is broken intraday and its break is maintained.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s dip was attracted back down toward the 16.62 low which was still likely to be retested for being a “V” bottom. Attacking it stopped optimistically short of actually touching it, let alone probing it as a normal test would before being able to bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging down to 153-20 Thursday didn’t produce a concerted selling attempt, which the bottoming pattern should still experience before completing. Concerted selling that doesn’t recover back above 153-07 by the close — and preferably higher — would risk breaking free of this week’s range to launch a new downleg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppy ranging persisted Thursday at or under the rally’s initial 45.70 target. Resuming the rally would next target the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Thursday morning’s dip filled the target back down to Tuesday’s 2.70 close, still likely also to fill the gap back down to 2.62 before considering a bottom has formed, let alone before being able to launch a durable rally leg.

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))
Tuesday’s narrowly ranging session didn’t alter the ongoing decline next targeting 1.6055, which resumed Wednesday morning down to 1.0680.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s flat-to-higher ranging extended the corrective bounce while maintaining the downside targets of 1206.00 and probably also 1196.50, so long as bounces don’t recover 1239.00-1243.00.

Silver Dec Contract (SI, ETF: (SLV))
Already having maximized its room for a corrective bounce up to 17.10 Tuesday, Wednesday morning began dipping to potentially fulfill the likely retest of its 16.62 low.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping overnight to attack 153-07 keeps alive the patterns potential bottoming, but it’s still premature for a durable rally leg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A temporary reaction down to the APA report after Tuesday’s close was recovered to a fresh high overnight, but that was also reversed down to attack 45.00. Wednesday’s morning’s EIA report triggered a surge to fresh highs above the rally’s 45.70 target, next targeting the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday probably only delays filling the gap back down to Friday’s 2.62 close, and also creates another gap below at Tuesday’s close. Neither helps to greet Thursday’s EIA report from a position of strength. But any knee-jerk reaction down that tests both lower attractions and recovers them would be bullish.