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))
Last Tuesday’s bonce had neutralized an upside attraction before reversing down aggressively Wednesday. Monday’s retest of last Tuesday’s high is redundant, so the corrective dip targeting 1.0750-1.0785 must be resumed immediately if valid.

Gold Feb Contract (GC, ETF: (GLD))
Closing Thursday back above 1074.00 had suggested the corrective dip was ending, but recovering 1077.70 was still needed to reverse the trend up. Monday’s dip to .

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s close above 14.35 was never confirmed before Monday’s gap down back under 14.10 that extended lower intraday to test 13.88. That’s essentially a 61.8% retracement of the base, so closing back above 14.10 Tuesday would trigger a new buy signal.

30-year Treasury Jan Contract (US, ETF: (TLT))
Filling the gap Thursday back up to 154-30 didn’t require resuming the decline, but room for extending the corrective bounce up to 155-29 was utilized entirely Monday. Closing back under 154-30 would start to signal a new downleg is underway, confirmed under 154-16.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s dip held support down to the 36.75 buy signal that was triggered and confirmed by last week’s two consecutive higher closes. The gap outstanding back to Thursday’s close can now attract price back up if a deeper correction back to 36.15 can be avoided.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Last week’s confirmed breakout at 1.98 and 2.04 resumed by gapping up Sunday night and extending higher intraday Monday to test 2.22. The third eventual higher close is now fulfilled. Extending higher requires pullbacks to hold 2.14 or 2.10