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))
The three-day old bottoming pattern produced fresh recovery highs Friday. Near-term potential to 1.1100 would require pullbacks to hold 1.0965.

Gold Dec Contract (GC, ETF: (GLD))
Surging Friday afternoon attacked 1283.50 before the close, and then probed $2 above it afterward. This is the upper-end of room for noise around 1266.00, so almost any immediate weakness would be credible for extending down to 1252.50 and potentially 1236.00. Actually rallying would not tolerate much hesitation.

Silver Dec Contract (SI, ETF: (SLV))
Firming Friday tested 17.80 into the close, and then pierced above it momentarily afterward. Two consecutively higher closes above it would signal a rally has launched.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially retesting Thursday’s 161-22 low was unable to extend down. A bounce has room up to 163-02 before suggesting the downleg won’t extend. But having avoided a second consecutive lower close, fresh lows could more easily start forming a bottom.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows attacked 48.40, which is a 61.8% projection from the recent Double Top. Its potential for a corrective bounce must still recover 49.05 to suggest that a pullback has ended and new highs are in-play..

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s intraday bounce all but rejected the overnight weakness, but neither was significant enough compared to Thursday’s range for any new predictive value. At least another probe under 3.00 remains likely before closing above 3.12 to signal a recovery underway..

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))
Restrained optimism had kept Wednesday’s gap up from extending, and from being too aggressive at this early stage of a bottom. Thursday’s shallow dip a little deeper back into Monday’s range now allows a rally attempt to be credible for extending higher intraday.

Gold Dec Contract (GC, ETF: (GLD))
The recent probe back above 1266.00 was barely held as Thursday’s ranging hovered narrowly above it.

Silver Dec Contract (SI, ETF: (SLV))
Barely gapping up Thursday was unable to extend anywhere near the 17.80 resistance before settling in to fluctuate tightly around unchanged for the day.

30-year Treasury Dec Contract (US, ETF: (TLT))
Chipping away at 163-27 and 164-08 support finally had greater influence than the potential bounce targeting 165-30 and 166-19. Thursday’s open gapped down to slightly pierce prior lows by 2 ticks at 163-04 and then trend down sharply to 161-22.This leg should touch 160-26 so long as 163-02 holds bounces..

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday firmed back to attack Wednesday’s 50.10 high but remained within Wednesday’s range. Consolidating narrowly, an “inside day” in this case, doesn’t reject the prevailing weakness when developing at the lows.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Wednesday’s dramatic extension of the decline wasn’t so much corrected Thursday, as the decline slowed. The intraday bounce stopped short of testing the 3.12 recovery signal. No lower close is required of the confirmed breakout, but another probe of lows under 3.00 is likely.