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))
Ranging narrowly flat-to-lower Thursday didn’t reject the confirmed breakout above 1.1333 but does now all but require the recovery to resume without further delay if it is valid.

Gold Apr Contract (GC, ETF: (GLD))
Extending higher Wednesday to attack 1350.00 despite already fulfilling its 1328.30 and 1333.00 upside objectives Tuesday didn’t prevent reacting down Thursday. The two upside objectives now serve as a range of support to a pullback, which was tested Thursday afternoon. Back above 1335.50 would resume the rally.

Silver Mar Contract (SI, ETF: (SLV))
Probing the 16.16 objective Wednesday had already stopped pessimistically short of also probing the 16.20 prior high. Pessimism only expanded by immediately collapsing back down to test 15.80 support. That’s natural support at “lower prior highs,” suggesting that impatient sellers are now done and the rally can resume at any time.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Thursday to and through the 146-00 pullback limit and probing lower intraday down to 145-17 must recover 146-04 without further delay to maintain upside momentum of the massive Ascending Triangle pattern. Meanwhile, the drop has room to 145-16 while still being only a pullback and not yet reversing momentum down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Thursday’s EIA report from a position of strength didn’t prevent a knee-jerk reaction down, but the weakness was very shallow testing only 56.65. The reaction is likely to recover, so long as any further weakness hold 55.85-56.05 as support.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, or weakness, having ranged narrowly under 2.70 for multiple consecutive sessions. The shallow knee-jerk reaction only touched 2.70 which remains intact as a buy signal.

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))
No improvement overnight after Tuesday’s break above the 1.1333 buy signal was due probably to its test also having held last Tuesday’s prior high and closing gap. But not reacting down left the door open to later improving in time for a second consecutive higher confirming close. Fresh highs attacking 1.1400 went out testing the 1.1375 resistance.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s gap up through the outstanding 1333.00 target and its intraday extension to 1345.00 initially followed-through to attack 1350.00. Which held as the session high Wednesday, now having room for a pullback down to 1328.50.

Silver Mar Contract (SI, ETF: (SLV))
Already improving overnight to probe above 16.00 confirmed the “unfinished business” above at the 3-week old opening gap to 16.16. Rallying sharply intraday fulfilled the objective, while essentially touching the actual 3-week old intraday high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Only touching Tuesday’s 147-05 intraday high overnight was unable to resume upside momentum before dipping back down to 146-11. The massive Ascending Triangle remains intact and vulenrable to breaking higher.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s flat-to-lower open barely attacked 55.75 before recovering to fresh highs at 57.60, confirming upside momentum remains intact from the confirmed breakout, greeting Thursday’s one-day delayed EIA report from a position of strength.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Eking out slightly higher highs overnight had not actually touched the 2.70 buy signal that must be recovered through Wednesday’s close to greet Thursday’s EIA report from a position of strength.