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 Mar Contract (EC, ETF: (FXE, UUP))
Thursday gapped down under the prior two sessions and fluctuated around the third prior session, The two prior sessions had trended up, so the immediate reaction down is likely to be retraced. A second consecutive lower close on Friday would instead reverse the trend to down.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s pullback didn’t hold 1361.00 as support, and Thursday didn’t gap up above 1364.00 to resume the rally. Overnight action had fallen to test 1350.00, and the session trended down to the original 1339.00 buy signal. Rallying would be credible Friday, or else rallying Monday after having further consolidated Friday.

Silver May Contract (SI, ETF: (SLV))
Failing to close above the 16.80 objective Wednesday was retraced overnight to test 1655.00 at Thursday’s open, and to probe lower intraday. There is no bullish reason for a deeper pullback.

30-year Treasury Jun Contract (US, ETF: (TLT))
Reacting down from Wedneday’s opening test of the 146-26 target extended lower Thursday to touch 145-03 at last Friday’s low. Back above 144-26 would be credible for having ended the decline, which otherwise remains intact.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Relatively narrow overnight ranging at the 66.88 target which was tested throughout Wednesday, albeit by a normal range. Closing higher would put into play 69.50, but otherwise be aware of a potential for decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA from NOT a positive of strength contributed no more or less to the session ultimately ranging narrowly sideways, still likely to break lower.

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 Mar Contract (EC, ETF: (FXE, UUP))
Tuesday’s gap up above the 1.2390 buy signal was corrected intraday to essentially fill the gap back down to Monday’s close. Wednesday’s gap up dipped back into negative territory, and closing positive would help to confirm 1.2510-1.2535 is in-play so long as 1.2405 now holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Rallying through 1344.00 overnight extended higher to gap up Wednesday to 1354.00, and trended higher to attack 1369.50. Pullbacks should now hold 1361.00 (which was being tested into the afternoon) to maintain the rally’s momentum next targeting 1383.50.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s rally began at the open instead of already having gotten underway overnight. Its 16.80 target was probed during the morning to attack 16.89, but ultimately dipped into the afternoon Higher highs would target 17.20 and potentially 17.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging overnight began firming ahead of Wednesday’s open, gapping up and extending higher to fill the gap outstanding from last Monday’s 146-26 close. The minimum objective is fulfilled, and last Friday’s unimpressive start to this leg now requires pullbacks to hold 146-02 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
War talk drove price sharply higher overnight to gap up Wednesday and fulfill the 66.88 target during the morning. Probing higher intraday to 67.45 now requires pullbacks to hold 66.60 as support to maintain potential for extending to 69.50. Back under 66.05 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still fluctuating within the 2.65-2.70 range Wednesday is not greeting Thursday’s EIA report from a position of strength. The attraction to retest 2.62 persists, if not also the likelihood for probing it down to 2.52, but that’s not a position of weakness.

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 Mar Contract (EC, ETF: (FXE, UUP))
Spiking up very late before Tuesday’s open through the 1.2390 buy signal tested 1.2425 resistance, whose confirmed break would target 1.2480 and 1.2530. The noon hour retraced back down to Monday’s “lower prior highs” at 1.2390.

Gold Jun Contract (GC, ETF: (GLD))
Firming further at Tuesday’s open tested 1344.00, whose recovery would target the gap above back to 1360.00. Closing under 1333.00 would resume the decline.

Silver May Contract (SI, ETF: (SLV))
Extending higher Tuesday morning probed 16.55 resistance, and makes a retest of prior highs up to 16.80 likely. Closing back under 16.40 would reverse the trend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging briefly pierced Friday’s 146-02 high, still getting a benefit of the doubt for extending to fill the gap back up to last Monday’s 146-24 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap up to the 62.62 pullback limit had extended to the thoroughly tested 63.60 gap. Surging overnight gapped up to the 64.25 buy signal and extended to test 65.50. The 66.88 target is in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday’s bounce was retraced Tuesday morning back down to Monday’s lows, still likely to probe the pullback’s original 2.62 low on the way down to 2.52.