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))
A slightly lower low Wednesday night at 1.0525 was recovered to only trade Friday in positive territory, but that doesn’t qualify as a bottom without also closing above 1.0685.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows testing the 1170.00 area were recovered into Friday’s open to test the 1188.00 bounce limit. It held, but its reaction down also held 1178.00 whose break would target a fresh low at 1166.00 and potentially end the decline.

Silver Dec Contract (SI, ETF: (SLV))
The holiday’s weakness only attacked prior lows down to 16.15 without creating any requirement for a retest or to probe lower. But an attack on the low down to 16.25-16.30 is likely before recovering above 16.65 to signal a rally underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Only ranging narrowly Friday neither reversed the decline’s momentum nor extended it. But not reversing it by now has made the decline likely to extend anyway, next targeting 149-28 so long as 154-19 isn’t recovered.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Friday’s drop tested the recovery’s initial 46.60 target down to 45.88. The dip should be rejected almost immediately to maintain it being only a temporary correction on the way up to 50.50.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Closing Friday above 3.08 puts into play 3.40. That doesn’t prevent an interim dip triggered which would be triggered under 2.97 and targeting at least 2.69.