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))
Sunday night’s bounce among most currencies held up through Monday morning. The Euro peaked at its 1.2325 buy signal instead of triggering it, still vulnerable to .

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s rally to 1330.00 was retraced back down to Friday’s highs under 1319.50, which held as support for Monday to rally back to 1328.00. Early strength Monday would be credible for extending to 1335.50 and potentially 1347.00. Back under 1319.50 would instead target a retest of 1312.50.

Silver Mar Contract (SI, ETF: (SLV))
Extending Friday’s rally from meeting the decline’s 16.15 target was extended up to 16.45 Sunday night. Reacting down to 16.35 at Monday’s open launched a steeper rally to attack 16.60. That’s last Tuesday’s “higher prior lows,” and failing their recovery would target an attack on the 16.15 low.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing fresh lows Sunday night down to 143-04 wasn’t repeated intraday. A bounce limit at 144-12 was probed Monday, but not recovered, let alone probed enough to trigger the 145-16 buy signal. Retesting Sunday night’s low and recovering 144-12 would be bullish.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s probe under the 59.70 target had been recovered into the close and firmed a little further Monday. But 59.70 wasn’t necessarily recovered, keeping alive the next lower pullback objective at 57.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Still not recovering into the weekend had all but required printing fresh lows Monday. They were shallow and ended within Friday’s range, but did not indicate a bottom yet forming.

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))
Holding the lower-end of the month-old 1.2260-1.2300 range Thursday didn’t prevent probing under it Friday. Closing lower puts into play 1.2090, with the nearest buy signal being 1.2325.

Gold Apr Contract (GC, ETF: (GLD))
Narrow overnight ranging persisted through Friday, seemingly oblivious to volatility around it, but also continuing to hover above 1312.500 to avoid triggering lower targets.

Silver Mar Contract (SI, ETF: (SLV))
Gradual deterioration intraday Friday eventually tested the 16.15 target that had been attacked Thursday. Holding it throug through close introduces potential for a bottom to form.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already having fulfilled its minimum requirement for an eventual third lower close, overnight firming could have extended higher intraday. But Friday only ranged sideways choppily above Thursday’s low.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still not even trying to hold the 61.50 target that was met Wednesday, the next lower target at 59.80 was met Friday morning and probed down to 58.10. The next lower target at 57.20 is in-play. so long as 59.80 isn’t recovered.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Ongoing narrow ranging at the pullbacks lows had avoided a recovery for too long, all but ensuring extending lower. Friday’s dip greets the weekend and fresh relative lows, which this market usually probes on Monday regardless of the resolution.