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))
Tuesday’s bounce up to “higher prior lows” from last Tue-Wed at  1.2400 reacted down Wednesday to the originally triggered sell signal at 1.2350, not yet down to the new sell signal at 1.2330.

Gold Apr Contract (jUN , ETF: (GLD))
Relatively subdued and directionless ranging Wednesday has no predictive value, other than to undermine Tuesday’s recovery effort.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s recovery effort wasn’t confirmed by Wednesday’s relatively subdued and directionless ranging.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 144-05 buy signal being tested at Tuesday’s close was almost immediately productive Wednesday on the way up to 145-04. That’s the highest level since early February, and forms a compelling Rounding Bottom pattern, despite having left outstanding two pre-inside day gaps.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 61.35 bounce limit held an overnight test and reacted down sharply again, to the 60.25 prior low again, which held again. The likelier resolution continues to be down, so long as 61.35 holds as resistance.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday to 2.74 confirms that Tuesday’s gap up wasn’t bullish, having held 2.81 prior highs and forming “ineffectual optimism.” But gapping down itself still wasn’t was bearish, having yet to reverse down. So, Thrusday’s EIA isn’t being greeted from 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))
Monday’s recovery back up to the 1.2345 sell signal extended higher Tuesday, back up to the “higher prior lows” of the Tue-Wed range that had launched Thursday’s plunge. Back under 1.2330 would resume the decline.

Gold Apr Contract (jUN , ETF: (GLD))
Bouncing overnight held a test of 1325.50 resistance. Its complete retracement greeted Tuesday’s CPI unchanged. A wide $14 knee-jerk reaction ultimately resolved up to test and retest 1325.50 by several dollars. There’s still room up to 1335.00 before signaling a bigger rally underway, but that becomes only a formality if another downleg isn’t underway already Wednesday.

Silver May Contract (SI, ETF: (SLV))
An overnight bounce had retraced to unchanged ahead of Tuesday’s CPI, which triggered a spike up to 16.70. Which is still in the 16.50-16.75 range that avoids triggering a signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s 30-year auction was greeted by fresh highs testing 144-05 resistance up to 144-15. Reacting down a couple more times each recovered to the downtrending resistance. But closing beyond either would be likely to extend in that direction. Closing above 144-05 would be credible for extending higher, but back under 143-16 would signal a new downleg underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing back up to the 61.35 bounce limit Monday didn’t recover it, so Tuesday’s break back down to Monday’s lows helps to confirm the downtrend has resumed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Probing slightly higher highs overnight were retraced back to and/or under the 2.81 “lower prior highs” Tuesday, which keeps alive potential for a corrective dip.