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 Mar Contract (EC, ETF: (FXE, UUP))
Friday’s open gapped down to test Thursday’s 1.1305 opening low, and then consolidated there through the morning. The confirmed breakout suggests that an even deeper pullback would recover to fresh highs, potentially from 1.1195.

Gold Apr Contract (GC, ETF: (GLD))
Not extending the gap up above 1260.70 intraday Thursday made the level a pullback limit to maintain the potential for retesting 1288.00. Trending down overnight greeted Friday testing the 1250.20 sell signal. Recovering it to close back above 1260.70 is all but required, but under 1250.20 would target 1216.50-1223.00.

Silver May Contract (SI, ETF: (SLV))
Despite extending higher to 16.12 briefly overnight, Thursday’s gap up to 15.70 was attacked Friday morning to within a nickel. Closing under 15.70 would target 15.25 and then fresh lows down to 14.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing higher overnight and gapping up Friday above 162-07 gave Thursday’s buy signal a chance to confirm. But not extending any higher intraday only undermined Thursday’s gap up further, beyond suspicions earned already by having failed to extend higher Thursday. Even the most bullish scenario probably can’t avoid first probing fresh lows down to 160-28.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up above the 40.35-40.40 target and extending to 41.20 didn’t prevent reversing down sharply intraday to test 39.70. Closing any lower would already start sealing a top But the gap back up to Friday’s open 40.70-41.00 will need to be filled eventually. And filling it before reversing down would form a more substantial top.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh highs overnight up to 1.96 were already retraced before Friday’s open, but the 1.99 target remains in-play.