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))
Monday’s failed bounce extended down deeper Tuesday morning to probe fresh lows. Meanwhile, the required eventual third lower close was fulfilled. But the trend remains down so long as bounces now hold 1.2365.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up and surging Monday was somewhat retraced overnight, but the 1339.00 reversal signal wasn’t probed until mid-morning, and then resisted a bounce into the afternoon. A second consecutive lower close on Wednesday would be optimal confirmation that the decline has resumed.

Silver May Contract (SI, ETF: (SLV))
Pulling back overnight held 16.50 but extended down Tuesday to test the 16.40 sell signal. It was still being overlapped into the afternoon, requiring another decisive close under it Wednesday to trigger.

30-year Treasury Jun Contract (US, ETF: (TLT))
Two eventual higher closes had more than fulfilled the recent confirmed breakout’s minimum requirement, but Tuesday’s open created a gap back up to Monday’s close that will want to be filled eventually, and would meanwhile inhibit a reversal down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s deeper dip wasn’t immediately recovered Tuesday, but neither did it extend down. The pullback still has room down to 62.62 while awaiting a recovery back above 64.25 that would target 66.88.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday did not immediately resume Monday morning’s dive and instead bounced to test 2.70 resistance. The downtrending support that was still being tested at Monday’s close wasn’t decisively recovered, but neither did it hold as resistance.

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))
Gapping up Monday was retraced entirely to fill the bap back down to Thursday’s 1.2375 low close and to test Thursday’s 1.2350 intraday low. There’s already a confirmed breakout, requiring at least an eventual third lower close.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally eventually did extend enough for its gap up to 1339.00 and intraday rally to fill the gap back up to last Tuesday’s 1349.50 close. Back under 1339.00 would resume the decline.

Silver May Contract (SI, ETF: (SLV))
Gapping up to 16.40 and probing above it Monday extended through 16.50-16.55 to leave another gap outstanding back down to Thursday’s 16.27 close. Back under 16.40 would put it back into play.

30-year Treasury Jun Contract (US, ETF: (TLT))
An overnight dip greeted the open testing the 146-02 pullback limit, but only briefly before reversing back up and extending to fresh highs testing 147-00. Extending to 147-18 no requires pullbacks to hold 146-08 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s recovery filled the gap back up to last Tuesday’s 65.25 close, which Monday’s open exploited by reversing down sharply through the 64.64 pullback limit to 62.95. And there’s room down to 62.62 before suggesting a deeper detour from the 66.88 objective is underway.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up above the 2.70 bounce limit Thursday wasn’t a buy signal, and kept the door open to resuming the decline if done aggressively. Monday’s open plunged down to 2.68 and 2.65, closing at or under downtrending resistance to  to suggest the decline has resumed, targeting fresh lows at 2.52.