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))
Thursday’s dip had filled the gap back down to Tuesday’s close, preserving the pattern’s opportunity to extend through its 1.1370 buy signal. The alternative would be to retrace the entire pattern back down to its 1.1285 low, which is where Friday’s gap down opened. A rally would still be credible, but only if begun without delay coming out of the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s gap down to 1237.00-1240.00 was as much selling pressure as would be appropriate for a temporary pullback before resuming the rally. But not immediately rejecting that deep of a dip is essentially signaling the rally’s momentum has lapsed, if not already reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Uptrending support coincided Friday at 14.70, and gapping down under it extended to fill the gap back down to Tuesday’s 14.60 close. That gap was created while filling the prior session’s gap, so there isn’t any bullish reason for its retest. Any further delay to resuming the rally would be bearish.

30-year Treasury Jan Contract (US, ETF: (TLT))
Thursday’s close was too deep to maintain the rally’s momentum, which had been hanging on only by default. Immediately recovery 143-08 Friday would have reinstated it, but the session only ranged flat-to-higher. There is no active signal.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday continued fluctuating in the basing pattern without breaking higher into the weekend, and likely at least to blip-down and stretch the rubber band before snapping back up into a rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness absorbed its gap up, which was reversed back down to uneven. The reversal extended down overnight and gapped open to fresh lows Friday attacking 3.80. There is no active 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 Dec Contract (EC, ETF: (FXE, UUP))
Only recovering to the 1.1370 buy signal Wednesday still required extending above it Thursday. Reacting down still recovered back up to 1.1370 — after filling the gap back down to Tuesday’s close. A bullish pattern should rally into the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Ranging narrowly sideways throughout Thursday wasn’t necessarily bullish, but it continued to avoid a negative reaction to the recent break higher that has yet to extend..

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s session qualified as a breakout, but the second consecutive confirming session didn’t develop. The rally can extend anyway, but too deep of an interim pullback could launch a new downleg.

30-year Treasury Jan Contract (US, ETF: (TLT))
The 142-30 pullback limit had held Tuesday, and its 142-16 room for noise had held Wednesday. Firming overnight was reversed Thursday to probe another fresh low, which was recovered back above prior lows. A completed pullback would not delay rallying into the weekend.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday night’s dip did hold up0n testing the range’s lower-end, but that doesn’t equate to being a bottom. Thursday’s intraday bounce stopped short of completing a bottom.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already greeting Thrusday’s EIA report from a position of weakness, fresh lows were probed intraday Thursday. Rallying through the reaction must still recover 4.44 (again) to suggest the pattern is resolving up.