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))
Gapping down Thursday to reject Wednesday’s bounce to recent highs had made the decline’s resumption imminent, which Friday’s open fulfilled by gapping down sharply and extending down deeper to fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Another overnight bounce was rejected into the open Friday, this time probing under Thursday morning’s prior low. But the balance of the session recovered to range choppily around unchanged.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down to a fresh low at Friday’s open was retraced back to the gap at Thursday’s 17.10 close, ranging narrowly through the close.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 165-00 pullback limit had held its test Thursday, and gapping up Friday extended up to fresh highs that keep intact the 166-30 objective, which is likely to be tested up to 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Slightly lower lows overnight didn’t qualify as rejecting Thursday’s fresh high, which had fulfilled the outstanding requirement for a new high close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down Friday filled the gap back to Tuesday’s 2.08 close, and then recovered back above 2.14 to signal momentum reversing up. A second consecutive higher close Monday would confirm the new rally leg 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 Jun Contract (EC, ETF: (FXE, UUP))
Thursday’s gap down rejected Wednesday’s gap up to the range’s upper-end, and suggests that momentum isn’t reversing up. A break under the 4-day range should be imminent.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Thursday under 1271.50 and probing lower didn’t prevent a retest of Wednesday’s high. The 1282.70 bounce limit held again, and attacking it was reversed to attack the open’s low, while still ranging around 1271.50. The 1241.00 target remains intact.

Silver Jul Contract (SI, ETF: (SLV))
Immediately probing under 17.30 Thursday extended down to test natural support at 17.05, keeping alive the drop to fresh lows still targeting at least 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Thursday and extending lower held a test of the 165-00 pullback limit. Also creating unfinished business above back to Wednesday’s close should help to attract price higher and resume the rally targeting 166-30 and 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday to 46.60 and extending to 47.00 pierced prior highs, but reversed back into negative territory by noon. The reversal didn’t extend, and was retraced to retest 46.60, essentially fulfilling the outstanding third higher close outstanding requirement.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t prevent a knee-jerk reaction down. But holding 2.14 and closing above 2.18 is the minimal bullish template.