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 Sep Contract (EC, ETF: (FXE, UUP))
The potential for a bottom was broadsided Friday by the Employment Situation report. There was no unfinished business below, so extending down anyway and extending down sharply requires a bottom to recover immediately, if at all.

Gold Dec Contract (GC, ETF: (GLD))
Greeting Friday’s Employment Situation report while testing the 1106.50 support reacted down sharply to 1084.50, next targeting 1082.00.

Silver Dec Contract (SI, ETF: (SLV))
The slide extended Friday in reaction to the Employment Situation report, testing new lows at 14.70. New lows on a Friday tend at least to be probed intraday on Monday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fulfilling the minimum 153-25 target Thursday was never rejected before Friday’s Employment Situation report, which triggered an even deeper drop down to 151-25. The new bounce limit is 152-20 and 153-16.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down steeply is required of the break under 46.00 to confirm it is valid and targeting new lows. Friday’s gap down tested 44.25 intraday, which is a proxy for ranging narrowly sideways.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Closing above 2.31 Thursday needed confirmation from closing above 2.37 Friday, or at least positive, that a new upleg is forming. Friday did probe it, but was still testing it at the close to avoid confirming a recovery.