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))
A slightly lower low overnight was recovered to trade flat-to-higher intraday Friday, still leaving outstanding the confirmed breakout’s requirement for at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s early probe under the prior two sessions’ lows wasn’t repeated Friday. It wasn’t rejected either, so any initial weakness coming out of the weekend could still get a benefit of the doubt for extending down.

Silver Dec Contract (SI, ETF: (SLV))
Dipping Thursday to test uptrending support at 14.60 was not broken, as Friday bounced back to attack 14.75. But momentum didn’t reverse up, and its reaction attacked 14.60 again, whose break lower would still be likely to extend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s break under 138-04 wasn’t likely to extend, and was recovered well before the close. But not reversed back above 138-18, which would initially target 140-26. Friday’s dip back under 138-04 also didn’t extend, but wasn’t recovered. So, opening lower Monday can still extend, albeit unlikely without another corrective bounce.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s inside day didn’t reject the ongoing decline, which remains intact unless a close above 69.80 starts to reverse the trend up.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Bouncing Friday avoided confirming Thursday’s break under the 3.26 sell signal. Another attempt to reverse down would be just as credible, so long as 3.31 isn’t recovered through a close.