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 Dec Contract (EC, ETF: (FXE, UUP))
Friday’s gap down to 1.1650 had bounced into the afternoon. Monday morning slid back down to retest Friday’s gap down. Closing under it would fulfill the minimum requirement for at least an eventual third lower close that was put into play by Thursday’s confirmed breakout.

Gold Dec Contract (GC, ETF: (GLD))
Opening at or under the 1195.00 bounce limit Monday and not closing back above it keeps alive downside momentum targeting at least 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Already dipping Sunday night from Friday’s attack on 14.80, Monday’s open at the prior target of 14.55 slid through the morning to test last Wednesday’s 14.40 close. There is no currently active signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Monday to the 140-10 sell signal and consolidating under it throughout the session could be confirmed by a second consecutive lower close on Tuesday. Otherwise, the likely alternative is to gap back up and resume the corrective bounce with potential to 141-16.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending up sharply Monday rallied through the 73.90-74.25 target to test 75.10. The next higher target in-play is 80.80, which would be confirmed by a second consecutive higher close on Tuesday, so long as pullbacks now hold 73.90 as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s dip to the 3.00 pullback limit was rejected by gapping back up to and through Thursday’s 3.06 close and trending up to Thursday’s 3.11 high. The trend remains up, but the pullback limit is now 3.02.

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 Dec Contract (EC, ETF: (FXE, UUP))
Thursday’s breakout from a 5-day multi-session range under 1.1815 down to 1.1725 gapped down sharply to 1.1645 Friday. The presumed second consecutive lower close would confirm the breakout, and require at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight attacking 1184.00 were retraced well into positive territory Friday morning up to 1195.00, which is now the decline’s bounce limit — testing it up to 1198.00. Holding its test as resistance would be optimal for keeping intact the 1172.50 target.

Silver Dec Contract (SI, ETF: (SLV))
The disparate performance from Gold became more glaring Friday as the open gapped back up to Wednesday’s 14.40 close instead of confirming Thursday’s break under 14.33. Surging through the morning up to 14.75, just a nickel below its objective. .

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up a quarter-point to test 141-00 Friday was reversed down to probe a quarter-point into negative territory, still having potential for extending the corrective bounce up to 141-16 or 142-00 so long as 140-10 now holds as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Four days of hovering under Monday’s 72.70 high resolved up Friday to attack 73.75, nearing the 73.90-74.25 target that remains intact so long as 70.80 holds as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Having greeted Thursday’s EIA report from a position of strength, and reacting up to new highs fulfilling the 3.10 target, a pullback had room down to 3.00. Having failed to close above 3.10 after testing it, upside momentum became vulnerable and Friday’s open gapped down to test 3.00. Closing any lower would signal the uptrend had ended.