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 Mar Contract (EC, ETF: (FXE, UUP))
Thursday’s close under the 1.2330 sell signal extended down Friday to fresh relative lows at 1.2260. The bounce limit can be lowered from 1.2345 to the 1.2330 sell signal, although sponsorship at this stage of the break wouldn’t benefit from interim bouncing.

Gold Apr Contract (jUN , ETF: (GLD))
Although not deteriorating overnight, Friday’s gap up held resistance at 1320.00 which was broken Thursday to renew the 1325.50 sell signal, extending down quickly under 1310.00 to attack the 1305.00 minimum objective.

Silver May Contract (SI, ETF: (SLV))
Closing at 16.40 Thursday instead of under it didn’t prevent extending down sharply anyway Friday to 16.20. There’s no bullish reason for the pattern to have retrace again to its prior lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 145-11 were retraced into Friday’s open, which probed negative territory down to 144-08 to try avoiding the confirmed breakout’s requirement for at least another eventual higher close. It also further defines a compelling Rounding Bottom pattern.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday began by ranging even narrower than Thursday’s session, at or under the 61.35 bounce limit. Surging late-morning attacked the 62.50 buy signal. Just closing above 62.25 makes the 61.35 bounce limit less likely to retrace, or to resume the decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Any momentum behind Thursday and Friday’s breaks was greeted by anxiousness into Friday morning. That’s not rejecting their dip to relevant support, which suggests the relevant support will break lower as expected.

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 Mar Contract (EC, ETF: (FXE, UUP))
Dipping again Thursday tested the 1.2330 sell signal, which is credible for extending so long as 1.2345 holds as resistance.

Gold Apr Contract (jUN , ETF: (GLD))
Ranging sideways Wednesday didn’t confirm Tuesday’s favorable knee-jerk reaction to CPI, which had held the original 1325.50 sell signal as resistance. Dropping sharply Thursday broke under 1320.00 targeting a retest of the 1305.00 area lows and then 1291.50.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s ranging had failed to exploit Tuesday’s bounce above 16.50-16.55, which didn’t help to prevent Thursday’s slide to 16.40 support. But not through ti, which is still needed to confirm the drop has resumed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging overnight still needs to close positive Thursday to confirm a breakout, and essentially create a compelling rounded bottom. Price action into the afternoon was continually returning to unchanged, making confirmation elusive.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating Thursday between the 61.35 bounce limit and Wednesday’s 60.90 close maintained the downside momentum, but a break under the 60.25 prior low can’t be delayed much longer if the resolution is down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Reaction to Thursday’s EIA report finally broke under 2.74. So long as it’s not rejected by closing back above 2.81, the pullback is targeting at least 2.62 — and potentially deeper, especially after having delayed the pullback for so long.