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))
Initial weakness Sunday night didn’t extend Monday, as the session ranged narrowly sideways, still likely to resolve down to lower objectives.

Gold Dec Contract (GC, ETF: (GLD))
Narrow, choppy ranging Monday doesn’t confirm or undermine the pattern, which remains likely to resolve lower targets beginning at 1272,50.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s very narrow ranging would normally suggest the first trending attempt will reverse back into the range. But beginning explosively, either up or down, would be much likelier to trend in that direction.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging Monday consolidated Friday’s collapse to fresh lows. It also avoided confirming Friday’s breakout that would otherwise require at least one more lower close. But the decline’s momentum otherwise remains intact for at least an intraday probe lower.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night bounced to test the 68.40 buy signal, but its resistance sent price back down into Thu-Fri’s range at 67.33. A second test of the buy signal would be much more reliable for extending higher intraday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
A fresh low at 2.75 Monday morning snapped up slightly to 2.81, which is too shallow to signal momentum reversing up. But a second consecutive higher close on Tuesday would suggest at least that a bottom is forming.

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))
Dipping again on Friday suggests the 2-day bounce has held its resistance, but the dip wasn’t yet deep enough to confirm downside momentum is reinstated and that lower targets are back in-play.

Gold Dec Contract (GC, ETF: (GLD))
Firming both before Friday morning’s payrolls report and after it were each rejected by reactions down. Which is how the afternoon was entered, ready to resume the decline next targeting an intraday retest of at least 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging both before and after Friday morning’s payrolls report apparently absorbed the reactions without triggering a buy signal. Almost any immediate buying pressure coming out of the weekend would be credible for reversing the downtrend that targets fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s Employment Situation report was greeted from a position of weakness for still testing its 143-18 sell signal, or at least not from a position of strength above its 143-26 buy signal that was only attacked Thursday. The reaction was to gap down and probe under prior lows down to 142-12. Fresh lows into a weekend are difficult to reverse without first following-through.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight firming didn’t persist into Friday’s session, which ranged sideways back down to Thursday’s 67.00 low, and under the 68.40 buy signal.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s slightly lower lows into the weekend both confirmed that Thursday’s fresh low close did not completely fulfill downside selling pressure, while also being likely to extend the downtrend coming out of the weekend.