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))
Having gone out Tuesday still testing the 1.1265 bounce limit, gapping down Wednesday suggests the outstanding objectives to fresh lows are back in-play.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down $6 to 1120.50 Wednesday quickly extended down to the 1117.00 target. It was probed intraday under 1111.00, but the close was back to testing 1117.00 as resistance. Closing lower Thursday would target new lows, but the pullback has otherwise ended.

Silver Dec Contract (SI, ETF: (SLV))
Fresh relative lows intraday Wednesday still managed to recover back up to 14.50 to avoid putting into play fresh lows under 14.20.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Wednesday similarly to Tuesday resolved differently, at least so far, but not recovering to fresh highs. Just consolidating narrowly barely avoided actually filling the gap back up to Tuesday’s close, but clearly avoided triggering the 156-16 sell signal.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow flat ranging in the wake of Tuesday’s post-close API data and Wednesday morning’s EIA report doesn’t reflect strength. But neither is it any more predictive than the pattern already in-play, and looking for 42.80 below.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Ending Tuesday by still only overlapping last Thursday’s 2.59 low hardly inhibited Wednesday from extending down much more deeply to test 2.51. This new low is not greeting Thursday’s EIA report from a position of strength.

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 night’s probe above 1.1265 was repeated intraday Tuesday and ultimately probed into late-afternoon, which undermines resuming the decline unless rejected aggressively without delay.

Gold Dec Contract (GC, ETF: (GLD))
Lower lows overnight were repeated intraday, keeping in-play potential down to 1117.00, which would be confirmed under 1125.00.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Tuesday held above 14.50 to avoid putting into play fresh lows under 14.20, and still allowing a close above 14.65 to signal the pullback had ended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh highs overnight at 158-00 were reversed in time for Tuesday’s open to gap down, but that didn’t prevent retesting overnight highs intraday. The rally remains more vulnerable to extending than to collapsing during a flight-to-quality, and until closing back under 156-16.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trading firmer Tuesday didn’t recover the 46.00 bounce limit that keeps 42.80 in-play below.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Retracing back into the range Monday after gapping up above it left “unfinished business above” at its opening print. That didn’t prevent probing the range’s 2.63 lower-end intraday, down to last Thursday’s EIA knee-jerk reaction down to 2.59. Closing back above 2.63 would signal the range’s lower-end was still holding, and potentially launching a rally leg.