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))
Wednesday’s bounce had created a little more room to extend the corrective bounce, but Thursday morning’s ECB statement and Draghi’s press conference triggered a gap down that extended sharply lower to fresh lows through the morning. The 1.1760 support was probed to its lowest levels yet at 1.1687.

Gold Dec Contract (GC, ETF: (GLD))
Firming overnight to attack 1284.00 was retraced to range most of the morning within 1277.50-1280.50, but breaking lower into the noon hour probed under Tuesday’s lows to test 1267.50. The bullish scenario now relies on forming a Double Bottom with the Employment Situation report’s 3-week old low.

Silver Dec Contract (SI, ETF: (SLV))
Overnight firming only tested 17.00 as resistance but resumed ranging just under 17.00 intraday Thursday morning, then breaking lower to test 16.75. A recovery still relies on closing above 17.11.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming into Thursday’s open only tested 151-22 before reacting back down into Wednesday’s range. At least an eventual lower close is likely outstanding, although meanwhile there is potential for a bigger corrective bounce up to 152-22.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday firmed to attack 52.70 which pierced recent highs, still targeting at least unfinished business above at 53.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeted Thursday’s EIA from a position of weakness, having triggered its 2.96 sell signal targeting 2.84. Gapping down to 2.87 fluctuated there through the session.

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))
Still firming ahead of Wednesday’s open continued firming intraday. Thursday’s ECB policy statement is not being greeted from a position of weakness, albeit having bounced optimistically short of filling an outstanding gap.

Gold Dec Contract (GC, ETF: (GLD))
Retesting Tuesday’s lows overnight became very volatile Wednesday, probing a fresh pullback low and eventually recovering to 1280.50 as resistance. Almost any early strength Thursday would be credible for extending.

Silver Dec Contract (SI, ETF: (SLV))
An overnight blip-down pierced Tuesday’s lows, which already were challenging the bottoming attempt by not closing decisively above 17.00. There was no follow-through, but not closing back above 17.00 undermines the bottoming pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s drop back to 151-18 support only held there instead of rejecting it, and trended down sharply overnight to probe the Employment Situation report’s 151-08 reaction low down to 150-14. Being the second consecutive lower close from the Fri-Mon multi-session range, at least an eventual third lower close is required before a durable bottom can again try forming.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Shallow overnight weakness still greeted Wednesday’s EIA report from a position of strength. Spending the entire session in negative territory still held high enough to be only an “inside day” from which any initial strength Thursday would be credible for extending higher intraday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Two days of hovering at or above the 2.96 sell signal broke lower overnight, gapping down Wednesday on the way to its 2.84 target where a better bottoming attempt could form. But Thursday’s EIA report is not being greeted from a position of strength.