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 Jun Contract (EC, ETF: (FXE, UUP))
Filling the gap back down to Wednesday’s close didn’t prevent extending Thursday afternoon’s slide overnight. Gapping down Friday tested the 1.0725 buy signal that had been recovered Tuesday, and then ranged there choppily ahead of this weekend’s French election results.

Gold Jun Contract (GC, ETF: (GLD))
Firming Friday all but fulfilled the minimum likely objective at 1290.70, with potential also to fill the gap from testing the rally’s 1294.00 target before reversing down to and through 1274.00.

Silver May Contract (SI, ETF: (SLV))
Thursday’s test of 17.90 support was repeated Friday, and still being tested through the close, needing to recover 18.18 to launch another probe of fresh highs above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight and Friday morning to test at least 154-24 keeps alive the attraction to filling the gap back up to Tuesday’s close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s consolidation of the 51.05 target that was met Wednesday was resolved down Friday morning to test 49.25, attacking the 48.90 buy signal that had originally triggered the rally to 53.55. The area is pivotal, and almost any strength maintained through Monday morning would target 51.05.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Friday at or above 3.13 initially continued the hovering there that had defined the week’s lows, but it broke lower into the afternoon. Unless 3.13 were recovered through Monday morning, the trend has now reversed down.

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 Jun Contract (EC, ETF: (FXE, UUP))
Gapping up Thursday morning was too late to confirm Tuesday’s close above the 1.0725 buy signal. Regardless, it was retraced to fill the gap back down to Wednesday’s close. But it does create a three-day pattern whose fourth day is somewhat likely to probe fresh trend highs intraday, which would be very likely to then close negative.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s narrow ranging back at last Thursday’s 1278.00 “lower prior high” consolidated Wednesday’s steep drop under the 1290.70 pullback limit, which is likely to be retested so long as 1274.00 holds as support.

Silver May Contract (SI, ETF: (SLV))
Consolidating for two days under the 18.30 pullback limit broke lower Thursday to 17.90 support by a nickel. An Island-like pattern has been left outstanding at the recent high, which was itself the shallowest possible retest of the 18.55 prior high. Other than the recent sharp selling, actually reversing the trend down is the least likely resolution.

30-year Treasury Jun Contract (US, ETF: (TLT))
The gap back up to Tuesday’s 155-13 close was created by Wednesday’s gap down and is likely eventually to be filled. Thursday gapped down under Wednesday’s narrow range, and extended to within 1 tick of the 153-24 pullback limit that should launch the high’s retest and fill its gap.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from May to Jun, which is trading at a 40-cent premium] Satisfying the pullback’s 51.05 target Wednesday down to 50.50 only ranged narrowly sideways Thursday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday tested 3.21 before dipping back into negative territory at the 3.13 sell signal. Potential for a bigger corrective bounce to 3.27 remains alive, but breaking under 3.13 would still be entirely credible for launching a downleg.