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 down Wednesday to 1.0518 was immediately retraced to attack the 1.0585 bounce limit before dipping back down. The low filled the gap back to last Tuesday’s opening print, which would suffice for a bottom if Thursday were to rally above Wednesday’s highs.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s post-close dip extended deeper Wednesday morning to what had been the adjusted support at 1238.00 after the recent rally began. It was recovered intraday to fill the gap back up to Tuesday’s 1251.50 close. Closing higher Thursday would confirm new highs are in-play.

Silver May Contract (SI, ETF: (SLV))
Wednesday dipped under Tuesday’s low down to 18.27 but recovered to attack Tuesday’s 18.50 highs, maintaining the 18.75 objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Never having extended Friday’s break above 151-11, a delay in extending higher undermined the longevity of any fresh highs. But already Wednesday has gapped down sharply and extended lower intraday back under 151-11. Regardless of the gap back to Tuesday’s close, a second consecutive close under 151-11 Thursday would confirm the trend has reversed down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip back down into the range failed to exploit Tuesday’s gain, which wasn’t itself in any strong position to extend.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming further Wednesday is not greeting Thursday’s EIA report from a position of strength. A bounce still has room up to 2.86 while still being likely to probe fresh lows under 2.64.

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))
Tuesday’s bounce retested Monday’s 1.0635 high, supported by the 1.0585 bounce limit that was barely being tested as support Monday.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s post-close weakness down to 1251.50 was retraced back up to 1259.00 Tuesday. But only temporarily before returning to 1251.50, and then lower post-close. That filled the gap back down to Thursday’s breakout close, but a fresh high close remains outstanding.

Silver May Contract (SI, ETF: (SLV))
[Rolling front-month forward to May, at a 6-cent premium to Mar] Firming only slightly Tuesday to 18.50 keeps alive potential for extending higher to fulfill the 18.75 target.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s “ineffectual optimism” kept alive the upside momentum of Friday’s breakout, despite not confirming it. But fresh highs Tuesday only pierced Monday’s high, and still hasn’t extended the rally.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down sharply Tuesday to and through the 53.58 sell signal was recovered to fill the gap back up to Monday’s 54.00 close, still holding the range’s boundaries.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Quickly firming Tuesday leaves outstanding “unfinished business below,” at least a probe under last Tuesday night’s 2.65 low. The interim bounce could still extend up to 2.86.