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))
Wednesday’s break above the 1.1965 buy signal extended higher to 1.2015. The next higher target at 1.2060-1.2075 remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Exceeding the 1293.50 target Wednesday had put into play the next higher objective at 1298.00, which was attacked by Thursday’s intraday rally to within 70 cents. An immediate reaction down from four consecutive uptrending sessions would be likely to recover.

Silver Mar Contract (SI, ETF: (SLV))
Trending up relentlessly for a fourth consecutive session on Thursday nearly fulfilled the 16.90 target that was put into play by having exceeded the 16.85 target Wednesday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s surge to 153-04 didn’t extend higher Thursday. But its reaction down was relatively shallow, and ultimately ranged around 152-22 instead of breaking lower under it. A fresh high Friday would still be bullish.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday already failed to confirm Tuesday’s explosion higher, and now Thursday has ranged even more narrowly than did Wednesday. But neither rejected Tuesday’s surge, maintaining the upside momentum next targeting 61.10.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s open had already gapped up above the 2.72 buy signal to 2.86. Extending higher in reaction to the EIA report tested 2.94. A second consecutive higher close Friday — preferably above 2.98 — would confirm a new upleg is underway.

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))
It was already just a formality to actually trigger the 1.1965 buy signal since the 1.1930 sell signal had failed multiple times. Wednesday’s gap up to 1.1965 extended higher through the morning .

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s intraday probe above the rally’s 1283.50 target was extended overnight to also test 1292.00 into Wednesday afternoon, next targeting 1298.00, but meanwhile vulnerable to a correction testing 1280.50.

Silver Mar Contract (SI, ETF: (SLV))
Extending higher after Tuesday’s close fulfilled the rally’s 16.65 target and rallied Wednesday morning to attack 16.80. The next higher objective in-play is 16.90, so long as 16.65 now holds pullbacks.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing Tuesday at the 151-16 buy signal wasn’t decisive. But that didn’t prevent Wednesday’s open from gapping up to Tuesday’s 151-26 high and surging through the morning to probe the 152-22 target up to 153-00. The recovery’s momentum remains intact so long as pullbacks now hold 152-22 as support.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Almost literally exploding higher Tuesday above the 58.65 inflection point could have been confirmed by a second consecutive higher close Wednesday, but was not. That doesn’t prevent extending higher anyway to the next higher objective at 61.10, so long as pullbacks now hold 58.65. Regardless, EIA is being greeted from a position of strength

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s rejection of Monday night’s gap up above 2.71 had dipped to fill the gap back down to Friday’s 2.66 close. Wednesday’s gap up spent the day fluctuating flat-to-higher around 2.71, and a second consecutive higher close Thursday would confirm a recovery underway. EIA is not being greeted from a position of weakness.