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 really exploit its opportunity to back-and-fill after Thursday’s confirmed breakout. Tuesday exploited the opportunity just a little more.

Gold Dec Contract (GC, ETF: (GLD))
Reacting down from attacking 1111.00 resistance Tuesday now creates a credible base for launching a durable rally leg, but the setup won’t tolerate much delay before resuming the decline instead.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s narrow ranging around 14.35 was unnecessary since its attraction below was neutralized already, but not necessarily bearish so long as rallying becomes obvious Wednesday without much further delay.

30-year Treasury Dec Contract (US, ETF: (TLT))
Unfinished business below at 153-12 was satisfied by Tuesday’s drop, which first reacted up from fulfilling the objective and then broke another point under it to 152-19. Holding 152-30 as resistance would allow the break to extend down to 151-30.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still avoiding a rally leg Tuesday is more relevant to the pattern than not yet extending down sharply, which the pattern is vulnerable to doing at any time.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Probing a few cents higher overnight was retraced before Tuesday’s open, when a second consecutive higher close above 2.77 would confirm Monday’s breakout.

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))
Already having confirmed Thursday’s breakout close that requires at least one eventual higher close, Monday was free to back-and-fill. There wasn’t much backing-and-filling, but the rally did pause.

Gold Dec Contract (GC, ETF: (GLD))
Neutralizing the attraction below Friday at 1098.40 was still testing the prior low close, so the decline’s momentum isn’t yet signaled it has ended. Closing above 1111.00 would be a good first step, but it was only attacked Monday as resistance.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s narrow ranging held the 14.35 attraction below that had been neutralized finally Thursday. But a couple of closes above 14.65 is still needed to launch a rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up again Monday held 155-12 resistance and ranged around Friday’s high, inhibited from extending higher with unfinished business outstanding below at last Wednesday’s 153-12 gap down. In fact, late-morning weakness extended down through the afternoon into negative territory.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s weakness attacking Wednesday night’s 43.35 low is the opposite price action needed to help ensure a retest of the highs above 50.00 is underway.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Has the ongoing narrow (but not narrowing) range finally broken out? Downtrending resistance at 2.72 was broken by Monday’s early firming that extended higher to 2.77 resistance. A second consecutive higher close Tuesday would confirm.