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))
Friday’s dip to the 1.2435 sell signal was still testing it at the close, but it was broken through the weekend. Tuesday’s open gapped down to test 1.2350. Closing back above 1.2395 would target 1.2530, but under 1.2320 would confirm a new downleg underway.

Gold Apr Contract (GC, ETF: (GLD))
A weekend dip to the 1350.50 pullback limit broke lower to greet Tuesday probing 1341.00 which must hold as support to be considered only a temporary pullback. Room for noise down to 1335.00 was tested intraday, creating the urgency for a bullish pattern to recover 1341.00 through Wednesday’s open.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Friday already had suggested the reaction down from 16.95 was not just a temporary pullback. But the pattern can still range sideways so long as 16.40 holds as support — and it was being tested intraday Tuesday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s probe above 144-12 wasn’t maintained through the close to launch a new upleg. Tuesday’s gap down and flat-to-lower ranging kept alive potential to resume the rally, but there’s little bullish excuse to further delay a new upleg.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to APR which trades at a 13-15 cent discount from MAR…] The 61.35 bounce limit’s ongoing test as resistance exited the weekend with similar action, but Tuesday morning firmed to the bounce’s highest levels. Albeit not optimal, there’s room up to 63.00 which still being able to resolve down in a new downleg target 57.05. Otherwise, closing above 63.00 would start to signal a new rally leg already underway targeting 56.90.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping up to test last week’s 2.65 “prior high” still has the challenge of the prior week’s ”
higher prior lows” at 2.70 while still being likely to probe a fresh low under 2.55 before a durable bottom can form.

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 down Friday extended to the 1.2435 sell signal but was still overlapping it through the afternoon. Back above 1.2465 would suggest the sell signal’s test had held so that the gap back up to 1.2530 could be filled next.

Gold Apr Contract (GC, ETF: (GLD))
Fresh highs overnight attacked the 1366.00 gap up to 1364.40 but dipped back down to spend the day withing Thursday’s range. Post-close selling attacked 1347.00 support, which must hold to keep alive the upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s ranging still did not recover 16.80 resistance, and post-close action dipped to Thursday’s 16.60 low. Any lower Monday could attack recent lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Restrained optimism through Thursday’s close left no excuse to delay triggering the 144-12 buy signal. It was probed Friday morning but the afternoon mostly fluctuated around it narrowly. Probing above 145-00 would be credible for triggering the signal.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher Thursday night still did not reject the 61.50 bounce limit’s test, which was still being overlapped through Friday afternoon. Back under 59.80 would resume the decline next targeting 57.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Still fluctuating narrowly around 2.56 support Friday instead of finally rejecting it suggests that it will be probed, undermining any early strength that might develop Monday.