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))
Room for the pullback down to 1.1300 was ignored in favor of gapping up Tuesday. But most of the session trended back down after filling the gap back to Friday’s 1.1380 close. Closing above 1.1400 would signal the pullback had ended.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s close under 1180.00 wasn’t rejected at Tuesday’s open. But a bounce tested it intraday, and so avoided confirming Monday’s break. This leaves open the potential for recovering to fill either gap outstanding, or to fulfill potential to 1195.50.

Silver Dec Contract (SI, ETF: (SLV))
Firming Tuesday continued to hold the 15.85 pullback limit, keeping alive potential for launching a new upleg by surging above 16.10.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Tuesday to Monday’s low under the 158-04 sell signal then extended lower intraday to confirm Monday’s break, but still needing to confirm the sell signal.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s weakness dipped deeper to test the 45.80 lower-end of last week’s two consecutive “ineffectual pessimism” sessions. Breaking lower Wednesday would signal the drop had resumed — and it should resume aggeressively.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday to probe above Monday’s high wasn’t any more likely to extend through 2.48-2.51 resistance, not until first retesting last week’s 2.41 low.