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))
Gapping up slightly Wednesday didn’t prevent probing intraday back under Tuesday’s lows. But that did create the basis for a Pivot Reversal which would be triggered by closing back above the morning’s high.

Gold Dec Contract (GC, ETF: (GLD))
Choppy overnight ranging was relatively narrow, and Wednesday’s post-open action didn’t extend in either direction.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Wednesday probed under Tuesday’s low, which had recovered to overlap the range’s lows at the close. Closing positive would be the earliest confirmation that a bottom was forming.

30-year Treasury Dec Contract (US, ETF: (TLT))
Choppy action nevertheless remained within the 152-16-154-10 range which is only noise until broken.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s probe of fresh lows officially fulfilled the decline’s 39.95-40.00 target whose attack had already produced a bounce to 42.00. Just closing back above 41.05 would now start to signal momentum reversing up into an upleg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Testing 2.41 resistance pre-open reacted down intraday to attack 2.31. Closing above 2.37 and 2.41 would be increasingly bullish.

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))
Tuesday’s probe under last week’s 1.0680 low must be rejected Wednesday, or at least not confirmed, to maintain potential for the interim pattern to be forming a bottom.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down within its multi-session range and then trending down intraday Tuesday extended to fresh lows at 1064.50, closing under prior lows. Confirming the breakout with a second consecutive lower close Wednesday would likely launch a substantial downleg. Otherwise, a false break would resolve by rallying sharply Wednesday.

Silver Dec Contract (SI, ETF: (SLV))
Probing fresh lows intraday Tuesday was recovered at least to close around the range’s ~14.15 lower-end. Rallying by mid-day Wednesday would be credible for launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s dip attacked the 152-16 sell signal but didn’t trigger it as the market consolidated Sunday night’s reaction down from attacking its 154-10 buy signal as closely.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 41.00 pullback limit was essentially tested Tuesday, which would require extending higher aggressively by midday Wednesday if the recent downleg has ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Sliding overnight allowed another attempt to recover two relevant resistance levels simultaneously, 2.31 and 2.37. The latter was still being overlapped, so almost any initial strength Wednesday would be credible for extending higher intraday.

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))
Volatility in the wake of Friday’s tragedy didn’t extend the decline, further suggesting that a bottom is forming.

Gold Dec Contract (GC, ETF: (GLD))
Initially gapping up Sunday night was retraced back into the range. No further downside is required before launching a durable rally, which would be triggered by closing above 1089.00.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s gap up was largely retraced, but not reversed. A retest of last week’s low is likely to hold while in the process of forming a bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Sunday night attacked the 154-10 limit whose recovery would signal momentum reversing up. Unless exceeded immediately Tuesday, the corrective bounce has likely ended and a fresh low is in-play.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another fresh low Monday was accompanied by RSIs diverging positively while the 39.95-40.00 target area was attacked to within a dime. The intraday reaction up back above 42.00 is credible at least for being a temporary corrective rally.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.37 Monday helped to serve by proxy for not having closed above it Friday along with 2.31. Closing above 2.41 is the confirmation that a new rally leg is underway.