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))
Tuesday’s retest of Sunday night’s low had stopped optimistically short. Fresh lows overnight fulfilled that minimum objective, while holding 1.0994 to avoid requiring lower lows. But 1.1011 must be recovered to begin signaling a bottom may be forming.

Gold Dec Contract (GC, ETF: (GLD))
Although Tuesday’s gap up and follow-through had stopped short of the 1266.00 buy signal, Wednesday’s open gapped up above it to attack 1274.50. The bounce could extend to 1283.50, but reversing down first to attack the lows would form a more durable bottom.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Wednesday only spent the session fluctuating narrowly around prior highs, and under the 17.80 buy signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Two days spent testing the 164-08 buy signal as resistance without recovering it did try breaking higher Wednesday. Closing higher Thursday would confirm a bigger bounce underway targeting 166-19.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Potential for retesting the rally’s 51.50 target was fulfilled Wednesday when reaction to the EIA report triggered a surge to attack 52.00. The retest was likely to hold, and did spend much of the day hovering just above 51.50, but not rejecting it. Closing higher Thursday would confirm 54.60 is in-play

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite Tuesday’s gap up and test of 3.29 resistance not closing under 3.26 — only at it — an overnight slide tested 3.14. Holding it as support maintains the potential for retesting the highs, if not also for resuming the rally.

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))
Sunday night’s probe of fresh lows testing its next objective had been isolated to the overnight, recovering enough in time for Monday to be only an “inside day” within Friday’s range. Sunday night’s low would still need to be retested, likely to close lower since the isolation attempt had failed. Tuesday’s open did dip back under prior intraday lows.

Gold Dec Contract (GC, ETF: (GLD))
Overnight strength attacked the 1266.00 buy signal that would negate the likelihood for attacking prior lows or probing them down to 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday stopped short of touching the 17.80 buy signal that must be recovered to suggest the basing has ended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s bounce held the 164-08 buy signal that would trigger a corrective bounce up to 166-19. Tuesday’s open retested it.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More flat to higher ranging Tuesday remained within proximity to retest the 51.50 target, which remains likely to send price back down for at least a deeper correction. Closing above 51.50 would put into play 54.60.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Having failed to hold 3.26 during Monday’s pullback, resuming the rally required recovering above 3.29. Probing it Tuesday morning by 2 cents still settled back down to 3.26, keeping the door open to another attempt.