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))
Firming Tuesday didn’t quite exploit last week’s failed breakout, but almost any initial strength Tuesday night or Wednesday would be credible for extending higher intraday.

Gold Dec Contract (GC, ETF: (GLD))
The pullback had extended slightly lower to test 1115.00, which was retested Tuesday without breaking lower. Back above 1125.70 would suggest the pullback had ended — it was touched Tuesday but not pierced.

Silver Dec Contract (SI, ETF: (SLV))
Weekend weakness still avoided filling the outstanding opening gap at 14.35 that presumably has been inhibiting a recovery from launching. But that may be left outstanding by a rally leg if not being filled soon.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s sudden pop above a multi-session range had never extended higher intraday, and it held tests of its 155-16 buy signal. Gapping down Tuesday back toward the prior range all but ensures probing under it to fresh lows before another bounce would be credible for extending higher.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holiday weakness never touched the prior low, or probed under it to threaten reversing down. There is no required timing for retesting the recent high and probing above 50.00.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Firming off of the lower-end of the recent narrow range only attacked the upper-end. That restrained optimism isn’t new, but it still makes credible any early strength Wednesday for extending higher.