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))
Gapping down Tuesday didn’t entirely compensate for the delay in participating with Monday’s general currency market decline. But it creates a buy signal that would trigger above 1.2465 and targeting 1.2550. Closing back under 1.2395 would start to make a recovery less likely, or at least more difficult.

Gold Apr Contract (GC, ETF: (GLD))
Probing back above 1341.00 resistance overnight was reversed already by Tuesday’s open, and then intraday to fresh lows testing 1329.00. Back above 1341.00 would still be credible for extending higher, but the door is open to a deeper pullback.

Silver Mar Contract (SI, ETF: (SLV))
Bouncing overnight to test 16.95 as resistance was reversed back down 25 cents before Tuesday’s open, and trended down to fresh lows intraday. Another test of 16.95 would be likely to extend, but that becomes unlikely if delayed by another day.

30-year Treasury Mar Contract (US, ETF: (TLT))
Rallying steeply while stocks plunged overnight wasn’t rejected Tuesday morning. But the test of “higher prior lows” up to 147-23 was retraced before the open to only fill the gap back up to Friday’s 146-03 close. The session only ranged choppily around unchanged, as the pattern still requires at least one more new low close.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging flat-to-lower Tuesday held 63.15 support whose break would next target 61.50. Closing back above 64.20 would now be able to resume the rally targeting 67.15.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s drop had extended under the gap that two prior sessions had stopped optimistically short of filling. Tuesday’s lower low only recovered to fill the gap back up to Monday’s close, but closing above Friday’s 2.86 close would still signal momentum reversing up.

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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))
Relatively shallow weakness down to 1.2420 is no small victory. Not while many other currencies were trending down intraday. And now when Mario Draghi is speaking in the background. Back above 1.2500 would target a retest of prior highs above 1.2570.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing back up to “higher prior lows” at 1341.00 reacted down from its resistance to range sideways intraday. Probing above Monday’s high Tuesday would be likely to extend higher.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s shallow bounce was easily retraced but only back into the range and not to fresh lows. There is on buy signal indicated.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming overnight didn’t make the pattern any likelier to reverse up, let alone to recover. An intraday reversal fell to fresh lows, potentially fulfilling the recent confirmed breakout’s requirement for at least another lower close.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s recovery to 65.35 was retraced again back down to 64.65, and lower to 63.50, which undermines any reliable timing for another upleg.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Monday soon filled the outstanding gap below to neutralize its attraction, but didn’t recover to close positive which would have reverse the trend back up.