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))
Another narrowly ranging session Wednesday reacted down on Wednesday afternoon’s FOMC policy statement, filling the gap back to Friday’s 1.0985 close. Closing any lower would resume the decline.

Gold Aug Contract (GC, ETF: (GLD))
Quickly recovering 1325.00 Wednesday is in-line with the recent pattern bottoming, but still needs to close above 1329.50 to confirm momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Surging through 19.75-19.85 to attack 20.20 now needs a second consecutive higher close Thursday to confirm the decline has been reversed to probe fresh highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s close above the 171-22 buy signal was still overlapping it, but Wednesday morning probed it to its highest levels attacking 173-00.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The reaction to Wednesday’s EIA report triggered fresh lows testing 41.70, now targeting 36.60 so long as 43.80 isn’t recovered.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Narrow ranging sideways Wednesday gradually slipped back down to the 2.65 lows, which is not greeting Thursday’s EIA report from a position of strength. But an initially favorable  knee-jerk reaction up can be maintained.

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))
Monday’s inside day was upward biased, which tends to resolve bearishly. Tuesday’s range was even narrower, so closing under Friday’s 1.0987 close is required to signal the decline has resumed.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s recovery from fresh lows to almost fill the gap back up to Friday’s close was extended overnight, but a close above 1325.00 is still needed to signal another recovery attempt underway.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s narrow ranging did not yet recover the 18.75-18.85 buy signals to resume the recovery attempt.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another overnight probe well above the 171-22 buy signal was returned before Tuesday’s open, and a post-open attempt to rally was retraced to fluctuate around unchanged into the afternoon. Wednesday afternoon’s FOMC policy statement is not being greeted from weakness, but already triggering the buy signal would have been a position of strength.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows attacked 42.35 overnight and recovered at least to range narrowly Tuesday around 42.80. Wednesday’s EIA report is not being greeted from a position of strength, but closing back above 43.80 would start to suggest this downleg is ending.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Tuesday touched last week’s “lower prior highs” down to 2.68 before bouncing to fill the gap back up to Monday’s 2.75 close. The 2.80 buy signal must still be recovered thorough the close to signal a recovery effort underway.