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))
Favorable reaction to Thursday’s ECB meeting and especially to ECB Chair’s Draghi’s comments triggered a surge up to 1.1700. If that’s the recently formed Symmetrical Triangle’s false break, then back under 1.1600 would signal the trend reversing back down more substantially.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s probe above the 1209.50 buy signal didn’t extend any higher overnight, but it surged up to 1218.00 momentarily Thursday morning. Reacting back down under 1207.00 would be likely to trend down sharply into the weekend on almost any initial weakness Friday.

Silver Dec Contract (SI, ETF: (SLV))
The 14.33 buy signal continued holding as resistance overnight and was pierced only briefly Thursday morning. Almost any initial weakness Friday would be likely to trend down into the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight greeted Thursday’s open at the gap back down to Tuesday’s 142-00 close. Surging probed above Wednesday’s highs, a couple of times. There is no unfinished business above if the pattern wants to establish a bottom with a second consecutive higher close Friday.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
After fulfilling the minimum upside objective at 71.20 Wednesday, overnight action tested the 69.50 pullback limit. Gapping down to it Friday extended through it to retest the original 68.40 buy signal. Closing above 69.50 would keep alive the upside momentum, and the attraction to retesting the 71.40 overnight high. Closing under 67.80 would resume the decline.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t have much reaction either way. But the bottoming pattern was unshaken, indirectly confirming it and the likelihood for soon rallying.

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))
Breaking lower from the Symmetrical Triangle that was forming through Tuesday could extend 1.618 and fulfill the outstanding 1.1495 downside objective. But Wednesday tried breaking higher, or at least firmed to test 1.1650, and any higher would invalidate the downside potential.

Gold Dec Contract (GC, ETF: (GLD))
More narrow ranging overnight firmed later Wednesday morning and probed the 1209.50 buy signal. A second consecutive higher close would confirm a new rally leg underway. Otherwise, back under 1201.50 would resume the decline targeting 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-lower ranging into Wednesday’s open was recovered to attack the 14.33 buy signal. It didn’t trigger, but breaking higher Thursday morning would be credible for extending higher intraday, and potentially launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up slightly Wednesday only ranged narrowly sideways, without rejecting the ongoing decline of lower lows and lower highs.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already greeting Tuesday’s API from a position of strength enabled a post-close surge that extended higher Wednesday morning in reaction to EIA. The week-old gap up to 71.20 was filled to neutralize its attraction. The 71.40 overnight high preceding it was only attacked and is still likely to be retested.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s second consecutive higher close following Monday morning’s fresh pullback low now suggests a bottom is forming. Surging Wednesday morning to the 2.87 buy signal reacted down, but retesting it Thursday morning would be likely to extend higher since the EIA report is being greeted from a position of strength.

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))
Another narrowly ranging inside day Tuesday has now formed a Descending Triangle, if not a Symmetrical Triangle. Breaking under 1.1560 would start to signal the 1.1395 target is back in-play.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s slightly lower low under 1293.00 was recovered back into positive territory, but still too shallow to consider the ongoing decline is yet reversing direction up.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s open slid to fresh lows under 14.00, with the nearest buy signal now being a close back above 14.33.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s inside day didn’t improve overnight, and Tuesday morning only resumed the decline to attack 142-00, now more than 1-1/2 points under last Tuesday’s sell signal. The decline remains intact so long as bounces now hold 142-10. Back above 142-20 would start to signal momentum reversing up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying Tuesday morning soon retested the 68.40 buy signal that had held as resistance Monday morning. Its retest was likely to extend higher without delay. The fresh recovery highs attacked 67.50, and a second consecutive higher close on Wednesdays would confirm the 71.30-71.40 objective is in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Narrow ranging Tuesday morning didn’t extend Monday’s rally above 2.82, which closing above Tuesday would signal that a bottom is forming.