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))
Wedneday’s open gapped down to the 1.1675 sell signal and immediately bounced into slightly positive territory. Filling the gap back up to Tuesday’s close neutralizes its attraction above, better enabling sellers if they can trigger the sell signal through the close.

Gold Dec Contract (GC, ETF: (GLD))
Dipping overnight tested the 1207.50 sell signal by almost $1, but Wednesday’s intraday action only hovered slightly above it. Its break would initially target 1191.50 and potentially 1172.50.

Silver Sep Contract (SI, ETF: (SLV))
The 14.69 sell signal was tested overnight by at least a dime, but less so intraday Wednesday. Its break would target 14.45 and probably also retest the 14.30 low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing under the 144-19 sell signal Tuesday didn’t extend lower overnight. Wednesday morning probed a fresh low at 144-08 that also didn’t immediately extend lower. Not closing lower Wednesday would not confirm Tuesday’s break.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up from the three-day test of 68.00-68.25 pullback limit extended through Friday’s 69.30 high to 69.75, while still targeting 70.55.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Oct which trades at a 2-cent discount from Sep]… Gapping up Wednesday was reversed back down through the morning to retest the 2.83 target that Tuesday had fulfilled already. RSIs improved, but only triggering the 2.87 buy signal can diminish the potential for extending lower.

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))
Gapping up Tuesday peaked upon retracing 61.8% of the May-Aug descending triangle. The sell signal can be raised to 1.1675.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s high had touched the lower-end of the 1215.00-1220.00 corrective bounce objective. Its upper-end was pierced overnight, before reversing back down under 1215.00 through Tuesday’s open. Back under 1207.50 would resume the decline targeting 1272.50.

Silver Sep Contract (SI, ETF: (SLV))
Overnight follow-through on Monday’s close above 14.79 stopped short of its 15.05 potential and got to only 14.95 before reversing back down to 14.79 through Tuesday morning. Closing under 14.67 would target 14.45 and probably also fresh lows to compensate for the detour’s delay.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s dip back down to Friday morning’s 145-02 low gapped down slightly and extended lower during the morning to 144-10. Its reaction tested 144-19 as resistance, whose break would signal a deeper pullback underway next targeting the original 143-11 buy signal.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s pullback to the upper-end of the 68.00-68.25 pullback limit had bounced overnight back up to Monday’s 69.20 high. But fresh lows into the noon hour retested Monday’s low, still needing to hold the pullback limit to maintain upside momentum targeting 70.55.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The decline extended through Tuesday morning to fulfill its minimum 2.85 target. Back above 2.90 would start to signal momentum reversing up. Meanwhile, the decline is vulnerable to extending down to 2.79.