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 up Tuesday extended to test the 61.8% retracement of the gap between last Wednesday-Thursday’s session at 1.1300. This typically holds if tested. Back under 1.1269 would target a retest of the recent 1.1188 low.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s reaction down was recovered entirely into Tuesday’s open. A second consecutive higher close on Wednesday would be likely to trend in that direction intraday.

Silver May Contract (SI, ETF: (SLV))
Already rallying overnight had probed above Friday’s prior high, all but confirming that Monday’s dip back down to the pattern’s buy signal had held.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing under Sunday night’s low Monday night to test the 145-04 sell signal was recovered to open back within Monday’s range, before extending to fresh recovery highs at 146-14. A second consecutive higher close on Wednesday would confirm the upleg was extending Meanwhile, Wednesday’s EIA report is being greeted from a position of strength.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Returning yet again to the 57.00 buy signal overnight had probed above it to gap up Tuesday. Probing a little higher proved too much before retracing back under 57.00. But not deeply enough to invalidate ongoing the recovery attempt.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s session was nearly identical to Monday, sitting very still at the 2.76 support instead of reacting back up to the recently created gap.

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))
Monday’s narrow ranging wasn’t contained entirely within Friday’s range, but it only fluctuated around unchanged. And Friday itself was an Inside Day, biased-upward, which suggests that buyers are weak-handed and the recent low will be retested.

Gold Apr Contract (GC, ETF: (GLD))
Gapping down Monday back to the 1295.70 buy signal was extended intraday to attack 1290.00 support, in proximity of filling the gap back to Thursday’s 1286.50 close. Meanwhile, any close back above 1295.70 would be credible for resuming the rally.

Silver May Contract (SI, ETF: (SLV))
Monday morning’s test and retest of the 15.27 buy signal as support ultimately went out fluctuating narrowly around it, with a close above 15.40 still needed to confirm the rally is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Monday within Friday’s range was retraced to fill the gap back up to Friday’s close, which held, and reacted back down to the morning’s 145-17 lows — still above the pre-open 145-11 low. No higher objective is required since the confirmed breakout’s minimum third higher close was fulfilled Friday. A pullback currently has room down to 145-04 before reversing the trend down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s post-open recovery gapped up Monday and extended quickly to touch the 57.00 buy signal. Again. Unlike last week’s last 3 tests, the signal was retested intraday. Both tests reacted down, but 57.00 was still attacked again. Closing above it would be likely to extend higher without delay.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Sunday’s open gapped down and extended lower for Monday’s gap down to test the 2.78 sleeper low. Ranging flat-to-lower through the morning did not gaining traction to the downside, and keeps alive a likelihood for filling the gap back up to Friday’s 2.86 close — if not also if not also for resuming the rally above 2.89 resistance.