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))
Friday’s deep drop under its 1.1265 sell signal (basis Dec) did not extend down Monday to confirm. But gapping up and firming within Friday’s range is not an appropriate bottom, making the decline likely to extend down anyway.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap up from Friday’s test of support was not an appropriate finish to the decline, making it likely to resume, and still targeting 1296.00-1297.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday above last week’s ~19.15 highs tested 19.35 resistance, which is likely to hold and launch another downleg targeting fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still testing the 165-20/165-30 bounce limit Monday didn’t range any wider than Friday’s test, making the gap back down to Thursday’s 165-02 close even likelier to be filled regardless of the resolution.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Monday to 43.65 and extending higher intraday to test 44.15 only filled the gap back up to Thursday’s close, neutralizing its attraction above. The pattern remains likely to resolve in new lows targeting a test of 42.25.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping down slightly on Monday only ranged narrowly around 2.91. Friday’s breakout wasn’t confirmed, but neither was its intraday recovery rejected, remaining likely to launch a new upleg targeting at least 3.04.