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 Dec Contract (EC, ETF: (FXE, UUP))
Weaker Friday morning tested 1.1755 which must break lower to confirm no bottoming pattern has formed, and that the larger decline has resumed.

Gold Feb Contract (GC, ETF: (GLD))
Holding 1251.00 and 1255.00 during Thursday’s pullback kept alive Wednesday’s post-close momentum, which gapped up at Friday’s open. Drifting back down to unchanged through the morning closed flat on the day.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s pullback had held 15.85 to maintain the potential that Wednesday’s post-close rally had ended the decline’s momentum. Gapping up Friday didn’t extend higher, but was supported intraday by 16.05 to maintain the rally’s momentum.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednedsay’s breakout and Thursday’s confirmation extended higher Friday to test the next buy signal that would be triggered by closing above 154-08.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength gapped up Friday to test 57.40, which must hold as resistance to maintain Wednesday’s 56.80 sell signal targeting 55.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Not trending down Thursday despite overnight and intraday lower lows down to 2.64 did open the door to begin bottoming. But Friday eventually resumed the decline to new lows. The nearest buy signal would be triggered above 2.72 and confirmed above 2.80.

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 Dec Contract (EC, ETF: (FXE, UUP))
Wednesday’s correct bounce and Thursday’s knee-jerk reaction up to 1.1845‘s original sell signal reacted down sharply during Draghi’s press conference. The reaction collapsed to probe under 1.1790, whose break would resume the larger decline.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close surge in reaction to FOMC had required Thursday’s pullbacks to hold 1255.00 to maintain the upside momentum, or at least 1251.00 to avoid invalidating the surge’s recovery attempt — the latter can still be rejected since it was only being tested and not yet recovered before FOMC.

Silver Mar Contract (SI, ETF: (SLV))
Surging after Wednesday’s FOMC news required pullbacks to hold 16.05 as support to maintain the upside momentum, or at least 15.85 to avoid invalidating the surge’s recovery attempt — the latter can still be rejected since it was only being tested and not yet recovered before FOMC.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still overlapping the 152-18/153-10 range’s upper-end after Wednesday’s FOMC reaction wasn’t decisive enough to avoid more backing-and-filling overnight. But Thursday morning firmed further to probe above Wednesday’s highs, whose recovery through the close would confirm a new rally leg underway.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s open gapped down from Wednesday’s close under the 56.80 sell signal, but immediately bounced to test 56.80 as resistance. The 55.50 target remains intact.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already probing fresh lows overnight didn’t help the pattern that was greeting Thursday’s EIA report from a position of weakness. The reaction wasn’t dramatic as the two-day range persisted, offering potential to form a bottom.