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))
Still no bullish reason to extend the correction any deeper, but also no need to further delay resuming last week’s confirmed breakout to fresh recovery highs.

Gold Apr Contract (GC, ETF: (GLD))
Narrow flat-to-lower ranging at or around the buy signal left it outstanding, but intact, and still likely to be triggered.

Silver Mar Contract (SI, ETF: (SLV))
Monday morning’s test of the buy signal held and was retraced into the afternoon to end negative, but not reversed down as the buy signal remains intact.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s gap up that had rejected Thursday’s gap down was able only to probe its 146-16 buy signal but not trigger it. Monday’s gap down doesn’t invalidate the buy signal or trigger a sell signal, and it could be only a defensive pullback ahead of Tuesday’s first of the Fed Chair’s two-day Congressional testimony. His opening remarks remain embargoed until 9:45 am ET.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap up to prior highs had not closed higher, leaving the pattern vulnerable to a deeper pullback testing 55.85-56.05. Opening there Monday probed lower intraday to attack 55.00, needing to recover 55.10 without delay to resume the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Closing above the 2.70 buy signal Friday extended higher immediately by gapping up Sunday and Monday. Extending higher intraday to 2.82 barely qualifies as a confirmed breakout, with room for a healthy pullback down to 2.74.

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))
Thursday’s pullback from Tuesday’s confirmed breakout leaves no reason to extend the pullback any deeper, or to further delay resuming the recovery effort. Friday did not extend any deeper, but also has not resumed the rally, so almost any initial strength coming out of the weekend would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Firming Friday was still testing the 1328.50-1333.00 pullback limit, and not yet rallying out of it to any degree that would be reliable for resuming the rally.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s test of “lower prior highs” under 15.80 was reversed back up through the 15.95 buy signal Friday to suggest the recent high’s retest is now underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap down to and through 146-04 had stopped short of breaking support at 145-16, which would have confirmed the reversal. The opportunity to confirm the reversal wasn’t exploited as Friday’s open gapped back up above the 146-12 buy signal and tested Wednesday’s 146-21 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting recent highs overnight and into Friday’s open doesn’t prevent fluctuating back down to test the 55.85-56.05 pullback limit before extending the rally. The rally meanwhile remains likely to resume at some point.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The 2.70 buy signal was barely pierced going into the weekend, but at least a new low was avoided on a Friday for the second consecutive week to add credibility to a bottom forming.