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))
Overnight weakness touched the week’s “lower prior highs” down to 1.0805-1.0810, which is natural support capable of launching another upleg to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
A slightly deeper pullback overnight still stopped at least $3 short of the likely 1239.50 pullback limit before firming Friday. Regardless of the pullback, the upside attraction to at least one more higher close remains in-play.

Silver May Contract (SI, ETF: (SLV))
Friday extended to fresh relative highs testing 17.80, extending the break above 17.50 up toward its 17.90 target.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attacking the 150-04 pullback limit reacted back up to Thursday’s 151-00 area high, keeping alive the potential for extending to 152-00.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s restrained optimism was appropriate for a bottoming pattern, but there’s no bullish reason for to further delay rallying if a bottom is valid.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction up from touching the 2.99 sell signal Thursday extended Friday to test what had been the 3.08 pullback limit. There is no bearish reason to delay an actual break lower if a top is forming.

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))
Dipping Thursday under the prior two sessions avoided touching “lower prior highs.” But the potential Island pattern is not an optimal formation. Almost any strength would be likely to extend up to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
Initially probing a fresh high above 1253.00 at Thursday’s open soon had reversed down under Wednesday’s range to test 1243.00 as support. The week’s previously confirmed breakout still requires at least one more eventual higher close.

Silver May Contract (SI, ETF: (SLV))
Thursday’s opening surge held 17.70 before reversing back down to unchanged at 17.57, briefly probing a nickel deeper. Closing flat-to-higher keeps alive potential to 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-lower ranging Thursday tested the 150-04 pullback limit, which held like the last two pullback limit tests. Those prior tests also launched uplegs to the next higher objective, which is 152-00 so long as 150-04 holds as support.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s relatively narrow ranging fluctuated around the 47.75 lower-end of last week’s Island. The restrained optimism maintains the potential for forming a substantial bottom. But it will need to begin recovering Friday, or else trending down into the weekend could more likely resume the decline.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The knee-jerk reaction to Thursday’s EIA report momentarily touched the 2.99 sell signal and snapped back up into the range. The news wasn’t greeted from a position of strength or of weakness, but the next break either way is now likely to extend in that direction.