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))
Already gapping down Wednesday from Tuesday’s opening gap up isn’t likely to suddenly launch a new downleg. There’s also a likelihood for even the most bearish scenario to still at least touch 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging overnight around 1212.00 persisted through Wednesday morning. Tuesday’s fulfillment of the “unfinished business above” may have ended the rally, but its opening print above all prior highs should still be tested from a pullback.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up above all prior highs was extended to a slightly higher close Wednesday that confirms the breakout, and requires at least an eventual higher close. The gap back down to 16.95 and 16.75 can be tested as support while maintaining the higher objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday under 152-22 extended down intraday through the gap back to Friday’s 152-04 recovery close, and through it to 151-22. Closing back above 152-04 would keep the door open to yet again retesting recent highs. Meanwhile, the dip has room down to 151-10 before sealing a top.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday afternoon’s retest of the morning’s 52.50 pullback limit’s test was already bordering on overkill. Probing under it overnight and gapping down Wednesday to 51.50 threatens the entire corrective bounce and its 53.80 and 54.80 gap fill objectives.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday stopped short of the nearby gap close wanting to be filled at 3.23 before bouncing to range sideways through the morning. So long as 3.50 isn’t recovered, even the gap down to 3.19 can be filled on this pullback.

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))
Extending the ally Sunday greeted Tuesday’s session gapping up above prior highs. Closing back under 1.0605 is still the nearest sell signal, but the pattern’s next challenge otherwise is 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Overnight strength tested the1212.00 objective up to 1219.00. Tuesday did not extend higher, but did maintain the gain to fulfill the confirmed breakout’s requirement from last week for at least one more fresh high close. An immediate reversal down isn’t likely to extend without at least filling the gap back up to Tuesday’s 1212.00 open.

Silver Mar Contract (SI, ETF: (SLV))
The 16.95 resistance which had been tested and retested was probed higher overnight and tested 17.25 intraday. Closing under 16.95 would indicated the rally’s momentum had lapsed already, but a close under 16.95 would still target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight strength attacked 154-00 but held 153-22 post-open. Reversing back down through a sell signal triggered under 153-06 was recovered from 152-22. Closing Wednesday above 153-26 would launch a substantial rally, but the pattern is otherwise topping.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially gapping up Tuesday to Thursday’s ~53.50 high was retraced to fill the gap back down to Friday’s 52.40 close. Holding the test as support keeps alive the likelihood for filling gaps outstanding from 53.80 and 54.80 before resuming the downleg. So, dipping back down to 52.40 Tuesday afternoon threatened the recovery.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Overnight strength as high as 3.50 was nevertheless retraced to open Tuesday at 3.40 resistance. Closing higher would trigger a breakout, but otherwise the attractions below at 3.23 and 3.19 remain outstanding.