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 down Tuesday was within Friday’s range, and not under all prior lows, making it unlikely to trend down. The balance of the session ranged has ranged narrowly flat-to-higher, albeit not recovering the gap down from Monday’s close.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday was the second consecutive narrow ranging session at recent lows, which doesn’t reject the trend, but does open the door to a corrective bounce before extending down to 1074.50.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Tuesday tried trending down intraday, but only spent the session ranging in negative territory.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming into Tuesday afternoon attacked 152-30, which can resume the decline to probe fresh lows, or else have potential for extending to 153-21 first.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s bounce peaked before attacking the decline’s 44.95 bounce limit, keeping alive the decline’s momentum next targeting 43.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up slightly to probe above 2.31 still needed to close above 2.37 to launch a rally. Initial strength at Wednesday’s open 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))
Narrow ranging Monday up to 1.0785 resistance didn’t duplicate Friday’s initial decline, but neither did it confirm its break as requiring any lower objective to be in-play. Extending the bounce has room up to 1.0865 before suggesting momentum may be reversing up.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s narrow ranging didn’t yet extend the decline, which is next targeting a test of 1082.00.

Silver Dec Contract (SI, ETF: (SLV))
Trending down into Monday’s open extended lower intraday to test two-month old prior lows at 14.45. Closing back above 14.70 would trigger a corrective bounce that might begin forming a bottom, but the downtrend isn’t otherwise likely to reverse up very soon.

30-year Treasury Dec Contract (US, ETF: (TLT))
A fresh low overnight at 152-10 did not extend intraday, but neither was it recovered as the session ranged narrowly at a several-tick defecit. Interestingly, this was while stocks fell, a relationship that suggests the low isn’t in.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The drop extended further toward its objective of retesting prior lows. Testing 43.65 intraday Monday now requires that bounces hold any test of 44.95 to maintain the decline’s momentum.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Two consecutive sessions of probing above 2.31 without extending above 2.37 led to Monday’s dip back under 2.31. Momentum did not reverse down, so another early surge through 2.31 would be credible for extending higher intraday.