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))
Closing Thursday at the 1.1385 buy signal had tried extending higher overnight. Its retest into Friday’s open also reacted up intraday.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s relatively narrow ranging didn’t create any new setups into the weekend, suggesting that Sunday night or Monday is vulnerable to attacking or event to retesting Wednesday night’s 1167.00 low.

Silver Sep Contract (SI, ETF: (SLV))
Ranging narrowly Friday around unchanged keeps alive the attraction back down to Wednesday’s low, at least to 14.45 before a rally would be reliable for extending.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up slightly Friday extended to probe a fresh high. It didn’t extend, and formed “ineffectual optimism” that is vulnerable to reversing down on Monday. But the week’s favorable performance follows the prior Friday’s fresh relative high close, suggesting a more substantial rally is underway.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Thursday was essentially duplicated overnight, gapping up Friday to test the 66.10 buy signal. Its test held, reacting down to fill the gap back to Thursday’s close and neutralize its attraction below. The buy signal remains intact.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Friday into the rally’s 2.93-2.95 target area was premature for resuming the rally, and also too shallow to suggest momentum had reversed up. A fresh pullback low remains likely.

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))
Having neutralized the open’s gap down before closing positive Wednesday, the recovery attempt was free to extend at anytime Thursday. Overnight action did probe above the 1.1385 buy signal, which intraday action still tested as support.

Gold Dec Contract (GC, ETF: (GLD))
The 4-day sequence through Wednesday’s third day had indicated Thursday would likely close positive. The $18 overnight drop to 1167.00 benefited most from the influence, essentially forcing a recovery back above Wednesday’s 1185.00 close. The sequence can repeat indefinitely, so the trend reversal signal remains at 1194.70.

Silver Sep Contract (SI, ETF: (SLV))
A slightly lower low overnight testing 14.32 was easily recovered to gap up Thursday and extend to 14.80. At least a dip down to 14.45 is likely before a more durable rally can begin. That said, an attraction down to the low can be delayed by a bigger bounce anyway, just not by a reliable bounce.

30-year Treasury Sep Contract (US, ETF: (TLT))
Resolving the two-day consolidation under Friday’s high to finally probe higher Wednesday was never extended overnight. Thursday’s open back under Friday’s high was extended back into the interim range, still not signaling a resolution either way.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging flat-to-higher Thursday stopped short of attacking the 66.10 buy signal, meanwhile leaving the decline vulnerable to extending down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness enabled a negative knee-jerk reaction to the news that took price into negative territory. Another lower low has room down to 2.85 while still being able to recover.