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))
Monday didn’t confirm Friday’s breakout, but that didn’t prevent initially probing higher Tuesday morning. However, nothing required that probe to extend higher, let alone to be maintained, and the balance of the sessino returned to its narrow ranging.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s attack on the rally’s 1169.00 target had reacted down into overnight trading as low as 1151.00. Tuesday’s recovery pierced a fresh high above 1167.00 with more upside remaining in-play.

Silver Dec Contract (SI, ETF: (SLV))
Only slightly lower lows overnight as price continued ranging narrowly Tuesday back at or under last week’s highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially firming into Tuesday’s open was reversed back into negative territory into the afternoon, but that didn’t extend any more so than the open’s brief strength. That doesn’t suggest buyers are trying to exploit the opportunity.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s low from last week’s highs was retraced by 50% at Tuesday’s high. That’s not a fibonacci calculation, but it does confirm the bounce was relevant, and that the slide can resume.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down at Tuesday’s open was recovered to pierce back above Monday’s highs. But that was retraced entirely to probe the morning’s low. “Lower prior highs” at 2.48 held, still allowing early strength to persist.

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))
Friday’s surge didn’t extend Monday, and barely enhanced intraday volatility.

Gold Dec Contract (GC, ETF: (GLD))
Initially trending higher overnight to attack the 1169.00 target was retraced back to Monday’s high, but not into negative territory, maintaining the rally’s momentum.

Silver Dec Contract (SI, ETF: (SLV))
Firming ahead of Monday’s open still barely even attacked last week’s 16.08-16.11 highs. But the session closed positive, keeping alive the recovery’s momentum and its potential to become a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
The cash market was closed for Columbus Day which continued to inhibit trending beyond either sell signal currently being tested.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s dip attacking “lower prior highs” at or under 47.00 helps to confirm the recent surge wasn’t sponsored by strong hands, but it doesn’t yet reverse the trend down. That would be signaled by closing under 46.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Flat narrow ranging didn’t offer any early strength that would have been credible for extending higher intraday, and which still would be credible for extending higher intraday.