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))
The pullback had a little extra room down to 1.1200 and it was probed before Friday’s open down to 1.1175. But the morning recovered it and continued firming back into positive territory at downtrending resistance at 1.1235. Not resuming the pullback will allow a bottoming pattern to form.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s plunge from a multi-session range had held prior lows, recovering an intraday probe of fresh lows testing 1267.50 to help trap shorts, but not decisively recovering 1271.50. Rallying in reaction to the Employment Situation report extended sharply higher to fill the gap back up to Wednesday’s 1284.00 close. A second consecutive higher close on Monday could seal a bottom.

Silver Jul Contract (SI, ETF: (SLV))
Two consecutive sharply lower drops down to 14.56, confirming Wednesday’s breakout from a multi-session range, didn’t prevent Friday’s Employment Situation reaction from surging back into that broken range up to 15.00. The original 14.88 buy signal and adjusted 14.81 buy signal were recovered, so a second consecutive higher close Monday must be avoided to resume the requirement for at least an eventual fresh low close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s knee-jerk reaction to the Employment Situation report touched 146-21 and bounced back up to “higher prior lows” at 147-21. But greeting the report from a position of weakness suggests the bounce will be rejected back under the 147-04 sell signal to resume the next downleg targeting 145-24.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Friday up to 62.50 remained under the 63.25 buy signal, which must still trigger to reinstate the 67.00 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming overnight to further test 2.61 was retraced by Friday’s open by a dip testing 2.55 support. The pullback is still likely to resolve up and trigger another buy signal.

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))
The backing-and-filling stage had begun almost immediately Wednesday upon testing 1.1300 resistance, reversing down to 1.1240 support at the pattern’s lower-end. It extended deeper Thursday, still having room a little lower to 1.1205.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s outperformance compensated for its delay in also sliding, by gapping down to two-week old lows and probing fresh lows attacking 1267.00. The fresh low’s recovery to close back above 1271.50 is essentially the bullish scenario described during the pre-open Market Tour. It wasn’t recovered, but still being overlapped into the close.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s gap down under Wednesday’s low — regardless of how substantial either session dipped, let alone both — confirmed Wednesday’s breakout from the two prior days’ multi-session range. No buy signal or recovery will be credible until at least one more lower close is produced.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already dipping back down Wednesday to Friday’s highs that had held a test of “higher prior lows” and the gap-fill above, Thursday slid deeper to test the 147-04 sell signal. The original 146-30 sell signal was also being tested, again, which is the last opportunity to break lower.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip had allowed lowering the buy signal to 63.75, but dipping overnight back down to Wednesday’s 62.75 low gapped won and slid to fresh lows at 60.95. The buy signal is lowered again to 63.10.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA from a position of strength for the first time in months didn’t prevent sliding at the open from 2.61 to back under the prior highs that Wednesday’s close had broken. Which the EIA reaction extended down to Tuesday’s lows at 2.56 before recovering to attack 2.61.