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 1.1830 close was tested overnight, but Friday’s open was higher. Nevertheless, the morning slid through it down to 1.1800, still likely resuming the decline and proving Thursday’s interim bounce was a detour.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s close above 1288.00 wasn’t optimal, requiring a second consecutive higher close. But Friday trended back down to retest the decline’s original 1280.50 target as support. Closing back above 1288.00 would still be credible for resuming the recovery rally.

Silver Dec Contract credible ETF: (SLV))
An overnight dip down to 17.11 extended down Friday morning to test 17.00 support. Now a clsoing above 17.30 is required to resume the recovery rally. But immediately recovering 17.11 would be credible for early warning.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sliding overnight from Thursday’s close AT the 153-14 buy signal gapped down to Wednesday’s close at 152-20 lower prior highs. And then continued sliding through the morning to 151-25. The original pullback potential down to 151-18 that had been optimal to test before rallying is now a required test. And not holding it would suggest a new downleg underway. Closing back above 152-20 would put into play new recovery highs.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Dec, which is trading at a 15-20 cent premium to Nov]. Extending down overnight back to the original 50.75 target buy signal coincided with uptrending pivotal support from the bottoming pattern, itself. Their near-term supportive influence reverse price back up into positive territory Friday morning, but didn’t assure the pullback had ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh recovery highs overnight attacked 2.92, which was recovering into Friday afternoon. Thursday’s reversal back from a fresh trend low to close above a buy signal was premature, so restrained optimism like Friday’s pattern is constructive to a recovery next week.

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))
Thursday’s gap up extended higher to 1.1895 before reversing back down to its 1.1870 opening print. Gapping open Friday back to and through Wednesday’s ~1.1835 close would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s low had left only $1 of room to fully test the 1277.50-1280.50 pullback target, but overnight action fulfilled it to within a dime. Thursday’s open was already testing the 1288.88 buy signal, and probing it by up to $4, so not actually triggering it would be as bearish as it would have been bullish.

Silver Dec Contract (SI, ETF: (SLV))
Holding 17.00 Wednesday allowed closing back above 17.11 to signal the correction had ended. Thursday’s gap up to 17.11 extended higher through the morning. .

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s open gapped up to the 153-14 buy signal that had been probed by Wednesday’s gap down to 152-26 “lower prior highs.” Trending up through the morning filled the gap back to Tuesday’s 154-02 close. Closing any higher Friday would confirm the recovery was extending higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday to attack 51.00 needed to close back above 51.55 for the 52.55 target to remain intact. The intraday bounce tested 51.55 by a dime.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeted Thursday’s EIA report from a position of weakness. So the knee-jerk reaction’s blip-up to 2.88 reversed down sharply through the 2.82 objective to fresh lows at 2.77. Closing back above 2.84 does begin to s the trend is at least bottoming.