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))
Not confirming Tuesay’s breakout on Wednesday had made Thursday weakness likely. Thursday’s shallow weakness was unlikely to extend Friday, so it firmed back up into the range. Ultimately, 1.1760 remains unlikely to be recovered before returning to new lows.

Gold Dec Contract (GC, ETF: (GLD))
Rallying sharply to fresh highs Friday above 1285.50 is targeting 1301.00 and potentially 1313.00. Being a Friday breakout, immediately follow-through requires pullbacks to hold 1290.50.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s rally above 17.11 probed the 17.30 buy signal through the noon hour’s exit. A second consecutive higher close Monday would confirm a breakout.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping a little deeper overnight still avoided trending Friday beyond the prior several sessions’ range, despite bouncing into the noon hour up to 154-05.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding the 55.35 pullback limit for three days finally resolved by rallying sharply overnight to the 56.00 buy signal, and then through it Friday to attack the 56.65 confirmation level.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Rallying overnight probed above downtrending resistance of the two-session Falling Wedge pattern, but held the trendline’s last contact point and 3.12 to avoid reversing the trend up. At least a retest of 3.05 is likely.

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 failure to confirm Tuesday’s breakout extended slightly lower into Thursday’s open, and essentially remained exclusively in negative territory intraday.  Price was still contained within Tuesday’s range for a second consecutive session, suggesting that momentum hasn’t yet versed down — or else requires gapping down.

Gold Dec Contract (GC, ETF: (GLD))
Firming to range Thursday within the 1277.50-1280.50 range leaves the pattern vulnerable to break in either direction into the weekend, which would be credible for extending into next week.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up slightly and extending slightly higher intraday was largely contained between 17.05-17.11 and remained vulnerable to closing under 16.95 and resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping overnight didn’t help to confirm that Wednesday’s test of 154-02 would resolve up. Thursday’s narrow inside day at least avoided closing back under 153-22. Back under 153-00 would start to signal a retest of 151-16 or new lows under 150-16.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating narrowly for a second consecutive session Thursday essentially held the 55.35 pullback limit which keeps alive the 56.00-56.65 buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted neither from a position of weakness nor strength. The session’s initial bounce was retraced to retest Wednesday and Thursday’s lows down to 3.05. Closing back above 3.12 would resume the rally, but there is otherwise room down to 2.97-3.00.

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))
Gapping up Wednesday threatened to confirm Tuesday’s breakout, but following-through only briefly then reversed down and filled the gap back to Tuesday’s close.

Gold Dec Contract (GC, ETF: (GLD))
Momentum from Tuesday’s close above 1280.50 extended overnight to test 1290.00 at Wednesday’s open. But the balance of the morning reversed back down well into negative territory to avoid confirming Tuesday’s reversal attempt.

Silver Dec Contract (SI, ETF: (SLV))
Initially following-through with Tuesday’s rally into Wednesday’s open had probed 17.11 resistance by nearly a dime before reversing back down into negative territory, testing the 16.95 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying overnight extended through Wednesday morning to probe the 154-02 bounce potential by 7 ticks, then reversed down to 153-12. Closing under 153-22 would be low enough to suggest the corrective bounce had ended already. Recovering to attack 154-02 helps to keep alive the bounce potential.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s test of the 55.35 pullback limit probed slightly lower overnight and into Wednesday’s open. But not closing under 55.35 held the pullback limit, and allows triggering a buy signal back above 56.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Probing slightly lower Wednesday morning initially reacted up from the 3.09 pullback limit to 3.15, but only to resolve down to Tuesday’s lows. Thursday’s EIA report is not being greeted from a position of strength.