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))
Still overlapping the 1.1675 sell signal into Friday’s open immediately extended to a fresh pullback low testing 1.1600. Closing any lower would confirm the trend has reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Cleanly triggering the 1207.50 sell signal Thursday didn’t extend down any deeper than Thursday afternoon’s 1202.00 low before rallying overnight to attack 1215.00. That reacted back down under 1207.50, which remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s 14.82 sell signal was probed that day down to 14.55, but no lower overnight. Friday was almost an inside day, but dipped lower into the afternoon, as the sell signal’s momentum remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
[Rolling coverage forward to Dec, which trades at a 18-tick discount from Sep]…. Thursday’s failure to reinstate Tuesday’s break lower to 144-10 was rewarded by extending the bounce into and out of Friday’s open up to 145-16. Closing back under 144-26 would trigger another attempt to resume the decline.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Coming to within a nickel of the 70.55 minimum bounce objective Thursday already created a reaction down without yet touching 70.55. It remains in-play, with potential to extend higher through 72.00, so long as 69.50 holds pullbacks.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Testing the 2.87 buy signal for a second consecutive close finally broke higher overnight, gapping up at Friday’s open and extending higher to 2.93. Leaving the gap outstanding below is not optimal to extending higher near-term, but it forms support below that helps to prevent a reversal down from extending.

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))
Thursday quickly dipped to retest Wednesday’s low, which itself had touched the 1.1675 sell signal. Its break would leave no unfinished business above, and initially target 1.1445.

Gold Dec Contract (GC, ETF: (GLD))
Breaking through the 1207.50 sell signal Thursday only attacked 1202.00, still targeting 1191.50 and probably 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
[Rolling coverage forward to Dec, which trades at a 13-cent premium to Sep]… Thursday’s open was greeted trending down from the 14.82 sell signal that was tested throughout Wednesday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s failure to confirm Tuesday’s break under 144-19 was extended by bouncing further Thursday. Last-minute sentiment ahead of next Friday’s Employment Situation report is likely having an effect, but the news is not being greeted from a position of weakness that would have been reliable to react negatively.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally extended to within a nickel of its 70.55 minimum corrective bounce objective. Reversing down wouldn’t be credible until the target is fully tested, and the corrective bounce could meanwhile extend higher. But closing under 69.50 would suggest that a bounce peak is forming.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s bounce from retesting the decline’s 2.82 target failed again to close above 2.87 and reverse momentum up. It was being tested at the close, but the decline remains vulnerable to extending.