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))
The new week was greeted firmer, but still only testing last week’s highs, as the 1.1380 sell signal remains intact if triggered.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Monday within Friday’s range needed to extend higher intraday to be more than just noise, resuming the rally. But the range held, keeping alive the upside momentum.

Silver May Contract (SI, ETF: (SLV))
Monday’s gap up attacked the resistance of last Tuesday’s highs, still needing a higher close to signal the rally has resumed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Still overlapping the 146-00 buy signal Friday did not change much Monday, as the session ranged around it flat-to-higher. A reaction down has room to 145-16 before signaling the bounce has ended.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s optimistically shallow, brief dip had recovered only to unchanged. Sunday night’s dip was recovered into Monday’s open and extended higher to attack 59.25. The confirmed breakout’s minimum requirement for at least an eventual third higher close may be fulfilled, needing to close above 59.50 to signal the rally is extending.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday’s reaction down from 2.84 resistance was recovered yet again, still being the buy signal for resuming the rally, and still being likely to trigger.

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))
Hovering Thursday at 1.1290-1.1300 support broke higher Friday to retest Wednesday’s 1.1339 intraday high and 1.1345 overnight high. The sell signal is raised to 1.1300.

Gold Apr Contract (GC, ETF: (GLD))
Although not optimal, Thursday’s correction day was still required to resolve up much sooner rather than later. Gapping up Friday suggests as much, although still needing to close above Wednesday’s 1309.50-1311.50 highs to resume the rally.

Silver May Contract (SI, ETF: (SLV))
Already rallying overnight back above the 15.27 sell signal suggested that Thursday’s drop was an isolated correction. But a close above 15.50 is still needing to resume the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s second consecutive dip spent the day testing the 145-16 sell signal but not triggering it. Its immediate rejection Friday surged to probe the 146-00 buy signal, still needing a second consecutive higher close to confirm the rally has resumed, but the session quickly settled in to fluctuate narrowly around 146-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The confirmed breakout above 57.00 was allowed a correction day before resuming the rally and fulfilling the minimum required third higher close. But extending higher into the weekend would still be likely to extend the rally coming out of the weekend. Friday’s opening dip to 57.75 was recovered back to Thursday’s close, still likely to extend higher.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday was greeted still fluctuating narrowly around 2.84, which wasn’t recovered int time for greeting Thursday’s EIA report from a position of strength. Reacting down Friday to 2.79 allows another close above 2.84 to follow-through and extend higher.

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