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))
Four consecutive narrowly ranging sessions finally tried breaking Tuesday. The 1.2368 high hadn’t yet met last week’s 1.2347 overnight high, but the session largely developed above the week-old 1.2315 high close.

Gold Feb Contract (GC, ETF: (GLD))
Flat-to-higher ranging Tuesday tested 1338.00, still short of the attraction above at 1340.50 whose recovery would confirm a new upleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Just returning to 16.95 was likely to probe lower after having chipped away at its support for two weeks. Its probe on Tuesday tested 16.75 and held it, albeit struggling to recover above higher prior lows. The move is in-line with Copper’s break to fresh lows, so a second consecutive lower session would be bearish.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s probe above the 149-10 bounce limit up to 149-22 was reversed to test the 149-02 sell signal that would reinstate the decline, which is still targeting fresh lows.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Each of the two recent tests of the 63.10 pullback limit have produced bounces back to the range’s  64.70 upper-end. At least an attack on 66.00 is likely.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Rallying overnight through the rally’s original 3.29 target up to 3.45 has resumed the rally, assuming there is a second higher close to confirm.

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))
A third consecutive session Monday of ranging narrowly between last Tuesday’s 1.2315 close above and Wednesday’s 1.2260 gap down, all above the 1.2210 sell signal. The delay in extending down suggests at least a probe of fresh highs is likely.

Gold Feb Contract (GC, ETF: (GLD))
Monday’s flat-to-lower ranging actually began firmer overnight. Regardless, the session’s drift into negative territory doesn’t yet invalidate the rally effort above 1336.00.

Silver Mar Contract (SI, ETF: (SLV))
Firming overnight entered Monday ranging flat-to-lower, dipping from last week’s attack on the 17.11 buy signal to threaten the 16.95 sell signal that has also been thoroughly tested and is less likely to hold another.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh lows Sunday night were recovered by Monday’s open, but the morning only ranged narrowly sideways, holding a test of the 149-10 bounce limit to keep alive the downleg.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to MAR, which trades at a nickel discount from FEB]… Still holding the 63.10 pullback limit at Monday’s open, a brief surge attacked the 64.20 buy signal before collapsing back down to 63.10 support. Its break would target 61.60.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up to 3.25 Sunday night and probing slightly higher was retraced into Monday’s open and fluctuated choppily sideways into the afternoon. Closing above 3.25 would still be credible for resuming the rally.