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))
Thursday probed slightly lower lows, suggesting both that the prior two sessions’ consolidation had not formed a bottom, and that filling the gap back down to 1.0645 remains in-play.

Gold Apr Contract (GC, ETF: (GLD))
Maintaining Wednesday’s gap up overnight into Thursday’s open didn’t prevent breaking lower during the morning to fill the gap back down to Tuesday’s 1236.00 close, and probing $4 lower. Wednesday’s opening gap up to 1242.00 is now an attraction, and extending any higher would next target 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Ranging sideways Wednesday night didn’t attract new sponsorship for Thursday morning, which dipped back down to test 17.63 as support. A new recovery high close remains likely so long as support holds.

30-year Treasury Mar Contract (US, ETF: (TLT))
Briefly probing into positive territory overnight failed to resume the rally above its 153-12 objective that had been probed already Wednesday up to 153-21. Thursday’s open soon probed under the 152-18 sell signal and extended down to 151-31.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday immediately filled the gap back to Monday’s 53.00 close, and fluctuated choppily around it intraday. Filling the gap didn’t also reverse momentum up, so Thursday’s bounce isn’t disqualified from being only a temporary correction before resuming the decline .

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Probing higher overnight above the 3.15 bounce limit only exacerbated the non-strong position greeting Thursday’s EIA report. Its reaction down probed negative territory down to 3.10, and closing under 3.06 would resume the downleg next targeting 2.91.

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))
Ranging choppily sideways Wednesday did not invalidate the break already underway, and next targeting 1.0645.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s confirmed breakout extended higher overnight to gap Wednesday, and then probe higher intraday to test 1246.50. Reacting down into the afternoon probed the 1241.90 open down to 1239.00, still maintaining the gap above Tuesday’s highs. A third higher close is fulfilled, but extending higher anyway would have potential to 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up slightly Wednesday extended to a fresh high at 17.87 before dipping back down to close slightly negative at 17.70. At least an eventual third higher close remains outstanding, with potential to 18.18.

30-year Treasury Mar Contract (US, ETF: (TLT))
The next higher objective of filling the gap back up to 153-12 was fulfilled Wednesday morning, and then exceeded up to 153-21. Reacting down to 152-26 may indicate the rally has ended, but back under 152-18 would reverse the trend back down.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Lower lows overnight down to 51.22 were already firming into Wedneday’s open, and then rallied in reaction to after the morning’s EIA report. The 52.55 sell signal that had triggered Tuesday was retested, but not recovered.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to the 3.12-3.15 bounce limit began reacting down immediately Wednesday, but only reacted back up from touching the 3.06 support whose break would resume the decline next targeting 2.91.

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 Tuesday to 1.0690 tested the same level that had barely held two weeks prior. Closing any lower would seal a top, targeting 1.0550 so long as 1.0750 isn’t recovered.

Gold Apr Contract (GC, ETF: (GLD))
Probing only slightly higher overnight still maintained Monday’s post-close test of the 1235.00 target. The next higher potential objective at 2259.00 is not in-play, but the second consecutive higher close does now require at least an eventual third higher close.

Silver Mar Contract (SI, ETF: (SLV))
Still fluctuating choppily around prior highs Tuesday morning resolved up to a fresh high to trigger a breakout, putting into play 18.18.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s close above the 151-11 maximum bounce limit was extended higher overnight to test 152-00.That was still retraced to gap down and probe lower post-open Tuesday. But attacking 150-24 was deep enough to snap back up to even higher highs at 152-17, next targeting 153-12.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending Monday’s dip overnight gapped down under uptrending support and the recent relative low at 52.60, then trended down sharply to attack the month-old low at 51.70. A second lower close Wednesday would confirm a new downleg is underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s bounce extended slightly higher overnight to gap up Tuesday. The 3.12 bounce limit held its test. Clolsing  back under 3.06 would now resume the decline next targeting 2.91.