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))
Bouncing overnight back up to Friday’s 1.0665 high was retraced into Monday’s open and then extended lower through the morning to attack 1.0600, still targeting 1.0570.

Gold Apr Contract (GC, ETF: (GLD))
Filling the gap back up to Thursday’s 1236.00 gap Friday didn’t attract new sponsorship, as Sunday night’s dip gapped down Monday to the 1229.00-1230.00 buy signal and extended to probe under Monday’s lows and attack 1220.00..

Silver Mar Contract (SI, ETF: (SLV))
Ranging sideways Sunday at Friday’s highs above 18.00 didn’t prevent Monday dipping back down to test 17.75. Nothing requires extending higher relentlessly, but avoiding a reversal down would nest target 18.18 above.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Monday to 151-31 was unable to bounce like Friday’s test, and extended down to fresh lows.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap up to 53.55 was rejected by Monday’s gap down back under it. Which is not necessarily bearish, or at least not immediately bearish, until 52.55 is broken as support.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap down persisted into Monday’s open to probe fresh lows nearing the 2.91 target.

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))
Friday’s open gapped down under the drop’s minimum 1.0645 objective, and spent the day fluctuating around it — almost filling the gap back up to Thursday’s close. Closing lower would confirm that the retest’s delay has put into play lower objectives.

Gold Apr Contract (GC, ETF: (GLD))
Extending Thursday’s pullback overnight produced a gap down Friday, whose recovery back above 1230.00 put into play a test of Tuesday’s 1242.00 gap up.

Silver Mar Contract (SI, ETF: (SLV))
Thursday night’s slide retested the rally’s 17.63 target as support, which held Friday’s gap down and reversed up steeply intraday to new highs. The next higher target of 18.18 is in-play, so long as 17.70 now holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Reversing down from Wednesday’s test of 153-12 extended down overnight under 151-31 support. The gap down extended intraday to test 151-11, but recovered to test 151-31 as resistance. Closing under 151-11 is still needed to confirm a new downleg is underway.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The gap back up to Monday’s 53.00 close had held its test Thursday, but Friday’s open gapped up again, through the actual 53.55 buy signal and higher to attack 54.25. Closing any higher would target a test of 55.25.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction down from its gap up extended lower overnight to gap down Friday. Intraday lows barely touched the prior Friday’s 3.01 low, suggesting ineffectual optimism, and maintaining the 2.91 target.