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))
Firming Tuesday didn’t resume the rally, which had already begun prematurely last week, and still needs to be corrected back down to 1.0435 before a reliable rally leg can begin.

Gold Feb Contract (GC, ETF: (GLD))
Rallying sharply overnight tested the 1147.00-1149.00 bounce limit up to 1151.00 before reversing down into Tuesday’s open, testing 1136.50 as support. That’s the upper-end of the range, and whether or not it’s tested, a test of the range’s 1118.00 lower-end remains in-play.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday left outstanding a gap back down to Friday’s close that will want to be filled before beginning a reliable rally leg. There is otherwise no unfinished business below since the outstanding gap at 15.75 was filled last week.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s weak open dropped down to probe under 149-12 support and to attack 149-04 whose breaks would signal a new low underway — and probably also a new low close which is needed before a bottom can begin forming.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s recovery from retesting its 52.50 buy signal was extended up to 54.00 Tuesday, with no excuse to further delay making the rally obvious if that is the pattern’s resolution.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up to test 3.75 resistance was the maximum allowable while still being likely to retest last week’s Island sooner, rather than later. Closing any higher would suggest a much larger rally leg underway, which would be a mixed signal after leaving the Island and a lower attraction at 3.18 outstanding.

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))
The complete retracement of Thursday’s premature intraday rally didn’t extend down overnight or Friday morning. But the gap back down to 1.0435 should still be filled before a durable rally begins.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s shallow strength held 1136.50 resistance. It was nevertheless in contrast to Silver’s weakness, increasing the vulnerability to a corrective bounce to 1147.00-1149.00 before fulfilling the 1118.00 target below..

Silver Mar Contract (SI, ETF: (SLV))
Friday’s open quickly dipped to retest Tuesday’s 15.75 gap down under all prior lows that had required being retested from above. Having neutralized the attraction below, a rally effort would be credible for extending higher. But an intraday probe of fresh lows can’t be dismissed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Growing vulnerability to a brief false break higher was threatened at Friday’s open, although no recent intraday highs were tested by Friday’s 149-12 high. Back under 148-12 and 148-04 would signal momentum reversing down.

Crude Oil Jan Contract (CL, ETF: (USO, USL))
Gapping down Friday to retest the 52.50 buy signal was reversed back up throughout the session, but not yet reversed into positive territory, let alone reversed up sharply as the bullish scenario requires.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s 3.62 pre-open high was probed Friday’s up to 3.72, still delaying the inevitable retest of Tuesday’s Island that had formed from Wednesday’s gap up.