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))
Recovering Thursday’s gap down to fresh lows through the close was extended higher overnight and through Friday’s open to fully test its 1.2340 bounce potential. Tuesday’s confirmed breakout still requires at least an eventual third lower close, which closing under 1.2340 would trigger.

Gold Apr Contract (jUN , ETF: (GLD))
Rallying overnight prevented the 1313.50 sell signal from being confirmed Friday, but its reversal held resistance at 1325.00, and breaking back under 1312.50 would reinstate the decline’s momentum.

Silver May Contract (SI, ETF: (SLV))
Having fulfilled the decline’s minimum objective of filling the three-week old gap down to 16.25, an overnight bounce extended through Friday’s open and tested the 16.55 bounce limit. It held, closing back under 16.50 to avoid reversing momentum up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing slightly higher overnight was reversed down through Friday morning to test what had been the 143-12 bounce limit, which is now a sell signal if triggered through the close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s drop to 60.25 support had reacted up Thursday to touch the decline’s 61.35 bounce limit. Reacting down overnight and through Friday morning returned to 60.25, and the balance of the session fluctuated between the two into the weekend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still testing prior highs at 2.74 has created two paths down — either to collapse under 2.69, or else for a blip-up to 2.81 to snap back down into a drop to fresh lows where a bottom can form.

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))
Wednesday’s second consecutive close under Tuesday’s breakout — which had returned already to prior lows for no bullish reason — drifted lower overnight ahead of Fed chair Powell’s second day of congressional testimony Thursday. Gapping down was recovered to at least fluctuate choppily, not yet fulfilling the confirmed breakout’s required eventual third lower close.

Gold Apr Contract (jUN , ETF: (GLD))
Probing lower overnight ahead of Powell’s testimony gapped down Thursday to and through the 1315.00 prior low whose overnight test had previously satisfied selling pressure. Its current break now targets 1291.50, so long as bounces hold 1312.50.

Silver May Contract (SI, ETF: (SLV))
Fresh lows into Thursday’s open fulfilled the minimum objective for this leg, filling the gap back down to the low’s 16.25 close. Probing it by nearly a dime reacted up, filling the gap back to Wednesday’s 16.40 close. The gap held, both neutralizing its attraction and maintaining the drop’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying overnight to fresh recovery highs gapped up Thursday’s to test 144-04. Dipping back under the 143-12 bounce limit by only 6 ticks was recovered entirely to retest the gap up. Closing under 143-12 would signal momentum reversing down, confirmed under 143-24.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reversing down hasn’t hesitated since fulfilling confirmed buy signal’s minimum upside objective. Failing its pullback limit, then triggering its sell signal, has extended down Thursday, to 60.20 support. The decline remains intact so long as bounces now hold 61.35 as resistance.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from either a position of strength or of weakness. Thursday’s muted reaction bounced almost a nickel to test recent highs. But a bottoming pattern does still need a fresh low and its recovery for a rally attempt to be credible.