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))
Wednesday’s extension of Tuesday’s post-open bounce probed slightly higher overnight, but Thursday’s flat-to-lower ranging needs to represent the decline’s resumption to keep in-play lower objectives.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up to attack 1213.00 Thursday was retraced entirely to fill the gap back down to Wednesday’s 1203.00 close, and to maintain the likelihood for resolving down to fresh lows at 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Overnight firming up to 14.35 didn’t reach high enough for a retest of Tuesday’s gap down to neutralize its downside attraction.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s 143-02 low had held as support Wednesday, and launched a bounce back up to the 143-18 sell signal ahead of Friday’s Employment Situation report. That’s not high enough to greet the report from a position of strength.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The break under the 69.50 pullback limit extended down to 67.00 on Thursday’s (delayed) EIA report. Back above 68.40 would now signal momentum reversing up, targeting a retest of 71.20-71.40 to likely form a durable top.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Already extended down Thursday 2.77 fulfills the minimum third lower close required by the confirmed breakout. The trend can extend down so long as 2.85 isn’t recovered.

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))
Tuesday’s gap down had  held the 1.1550 week-old gap it filled, and bounced back to almost unchanged. Lower objectives remain outstanding, but that didn’t prevent the obligatory bounce from probing higher Wednesday. The decline is likely to resume so long as 1.1675 isn’t recovered.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap down from a multi-session range had triggered a breakout. But Wednesday’s bounce failed to confirm with a second consecutive lower close. There’s still room above to 1206.00-1207.50 while still being likelier to reverse down to lower objectives at 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s flat-to-higher ranging wasn’t going to launch a recovery from Tuesday’s gap down under all prior lows, which will want to be retested from above, assuming the decline hasn’t already extended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s gap up only touched the 143-18 sell signal that was broken already on Tuesday. The gap up was reversed quickly down to fresh lows at 142-28, but the balance of the session only ranged narrowly at Tuesday’s 143-02 low.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already probing under the 69.50 pullback limit after Tuesday’s close, gapping down Wednesday extended down to 68.75. Thursday’s (delayed) EIA report is not being greeted from a position of strength, and could be weaker only had Wednesday’s break been confirmed already. Retesting Tuesday’s 71.40 pre-open high would likely form a durable top.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down had rejected Friday’s gap up that closed above its 2.87 buy signal. Extending down deeper Wednesday to 2.78 has confirmed a reversal, now requiring at least an eventual third lower close.

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))
Dropping from Friday’s close to 1.1540 filled an outstanding gap below, but leaves outstanding the minimum likely attraction below at 1.1400.

Gold Dec Contract (GC, ETF: (GLD))
Sharply lower lows coming out of the weekend down to 1195.00 could finally be fulfilling a retest of the recent 1167.00 overnight low, at least own to its 1172.50 objective, but needs a second consecutive lower close to confirm.

Silver Dec Contract (SI, ETF: (SLV))
The delay in filling the month-old gap had made new lows likely under 14.30, which Tuesday’s slide out of the weekend fulfilled down to 14.03. A second consecutive lower close Wednesday would suggest much lower lows to follow.

30-year Treasury Dec Contract (US, ETF: (TLT))
Last week’s bounce was rejected immediately back under the 143-18 sell signal, probing it down to 143-02. A second consecutive lower close Wednesday would confirm last week’s bounce was only a temporary correction.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Stopping short of its 70.55 corrective bounce objective last week was not reversed down, and its reaction held the 69.50 pullback limit. Surging before Tuesday’s open gapped up to 71.22 and reacted down sharply to attack 69.50. Potential for extending higher would invalidated by closing under 69.50.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping back down to 2.83 Tuesday all but rejected Friday’s close above the 2.93 buy signal. Closing under 2.83 now requires a second consecutive lower close to confirm the decline’s momentum has resumed.