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))
Tuesday’s gap up to 1.1085 still had room for noise up to 1.1100 before resuming the decline, or at least producing one more new low close. The gap didn’t extend higher, but it wasn’t yet rejected.

Gold Dec Contract (GC, ETF: (GLD))
Dipping Tuesday in reaction to Durable Goods still recovered to resume ranging around 1165.50, which must continue holding as support to launch a new upleg.

Silver Dec Contract (SI, ETF: (SLV))
Initially dipping Tuesday was recovered to resume ranging around 15.85, potentially to launch a rally to new recovery highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s gap up extended higher to test the bounce limit from last Monday’s 158-10 / 158-24 highs. The extended bounce seemed a little much and a little early to be last-minute optimism ahead of Wednesday’s FOMC policy statement. Regardless, Wednesday’s news would be greeted from a position of strength after closing above 159-02.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows Tuesday suggests the decline we’ve been tracking is becoming more widely believed. A corrective bounce becomes likelier, especially if originating from the 41.50-42.20 area.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight were recovered Tuesday morning to probe above the 2.08 bounce limit that would otherwise maintain the decline’s momentum. The bounce limit’s test reacted back down to close while testing 2.05 support.

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 and firming Monday was contained within the 1.1100 bounce limit which keeps alive the downward momentum, and the confirmed break that is now seeking at least a third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up slightly Monday was just enough to range narrowly around the 1165.50 pullback limit that had held until Friday morning. Closing above 1170.00 would now target 1180.00, and then fresh highs.

Silver Dec Contract (SI, ETF: (SLV))
Closing around 15.85 Friday had suggested that sellers didn’t gain any traction. Gapping up slightly Monday didn’t extend higher, but its tempered optimism keeps alive potential for resuming the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Monday above Friday’s range didn’t invalidate its break, and left outstanding the gap back to Friday’s close which can attract price down to resume the decline.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness kept the pattern under pressure as lower targets remain outstanding, but a confirmed breakout close is still lacking.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Trending down Sunday night from Friday’s 2.27 close extended down Sunday night and intraday Monday to 2.05. Closing above 2’08 would suggest the decline was bottoming. But no recovery is signaled until also recovering above 2.16.