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))
The 1.0585 bounce limit was probed Tuesday while testing 1.0570, and also testing uptrending pivotal support, whose break would target 1.0470.

Gold Apr Contract (GC, ETF: (GLD))
Gapping down Tuesday to fresh lows met the 1218.00 target and ranged slightly lower intraday. A bounce has room up to 1230.00, and the decline can meanwhile extend down to 1209.00 or 1198.00.

Silver May Contract (SI, ETF: (SLV))
The 17.55 target was met Tuesday by gapping down to fresh lows. A bounce has room up to 17.75 before starting to signal a rally underway. And there is meanwhile room to extend the decline to test 17.05.

30-year Treasury Jun Contract (US, ETF: (TLT))
Eking lower to 148-20 probed fresh lows still targeting at least a test of 147-10 with no reason to delay accelerating its move.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday retested the 53.58 sell signal as resistance, then reacted back down to unchanged attacking 53.00, still poised to launch a downleg.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down at or under the 2.86 bounce limit was extended down to the 2.83 sell signal that put into play a retest of the two-week old 2.64 overnight low.

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))
Probing slightly higher Sunday night was retraced briefly to test the 1.0585 bounce limit as support. Monday’s open had recovered it, but the bounce was reversed back down to all but resume the decline .

Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight stopped slightly short of 1238.00 resistance. Its recovery would have signaled the decline had ended short of fulfilling its likely 1218.00 objective. Reacting down into negative territory at 1225.00 maintained the decline’s momentum.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s bounce was erased through Monday morning to hover optimistically at or above 17.75, still likely to test fresh lows at 17.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
[Rolling coverage forward to Jun, which trades at a 1-08 discount to Mar] Bouncing Sunday night tested 149-24 (basis Jun, 151-00 basis Mar) resistance into Monday’s open, before reacting back down to last week’s lows, likely to extend down as the trend change remains in effect.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday morning’s bounce attacked the 53.58 sell signal but reacted back down  to 53.00, where another break to fresh lows Tuesday would be likely to extend down intraday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Room up to 2.86 was gapped over at Sunday night’s open. No new sponsorship was attracted to extend the rally, as price fluctuated narrowly through the day.