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 Jun Contract (EC, ETF: (FXE, UUP))
Still having access to the morning for extending the corrective bounce, Tuesday ranged narrowly back down to Friday’s lows, attacking 1.1350. The timing is unchanged, and extending the decline Wednesday remains likely.

Gold Apr Contract (GC, ETF: (GLD))
Already trending down overnight gapped open to attack the maximum pullback limit, filling the gap back down to Friday’s 1312.00 close or only testing the structure that contains it. Any early strength Wednesday would be credible for extending higher intraday.

Silver May Contract (SI, ETF: (SLV))
Overnight weakness attacked Friday’s structure containing the gap back to its close. While holding the 15.40 maximum pullback limit keeps alive a path higher, it does require the rally to resume by Wednesday morning.

30-year Treasury Jun Contract (US, ETF: (TLT))
The adjusted 149-00 pullback limit being tested at Monday’s close was probed overnight down to 148-12, well above its potential to 147-17/147-25 that would at least maintain the uptrend.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s bounce from retesting Friday’s low had extended higher overnight, but it was a post-open surge that filled the gap back up to Thursday’s 60.00 close. Still overlapping the gap and not rejecting does help to maintain upside momentum, but Wednesday’s EIA report is not being greeted from an optimal position of strength.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping down Monday to 2.72 under all prior intraday lows should be retested from above to form a durable bottom. It was only attacked intraday Monday, and Tuesday was already firming optimistically. Absent closing above 2.77, a retest of 2.72 Wednesday would help to greet Thursday’s EIA report from a position of strength.

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 Jun Contract (EC, ETF: (FXE, UUP))
Having entrenched the downside by confirming Thursday’s breakout under 1.1465, Monday exploited the opportunity for a corrective bounce. The decline should resume by Tuesday’s close.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s fresh highs suggest again that the rally has resumed, albeit once again needing a second consecutive higher close to confirm.

Silver May Contract (SI, ETF: (SLV))
Monday’s gap up hovered at last week’s highs, not quite qualifying as a breakout, but still likely to extend higher intraday in case of any early strength Tuesday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Room for a pullback down to 147-25 wasn’t even attacked before Monday recovered to probe fresh highs. Closing above 149-04 fulfills the minimum requirement of last week’s confirmed breakout, and requires holding 149-00 support to maintain the upside momentum.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Uptrending support that had coincided with Friday’s 58.25 low was retested Monday, and held. If the pullback limit has held, then Tuesday should hardly delay extending higher to greet Wednesday’s EIA report from a position of strength. Otherwise, closing under 58.25 would greet EIA from a position of weakness.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap down under Friday’s 2.72 low was retested intraday. The retest held, and launched a bounce that filled the gap up to Friday’s 2.75 close. Closing beyond either end of the 2.71-2.75 range Wednesday — which allows two days to get either done — would be likely to extend in that direction.