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))
Tuesday formed a setup similar to a previous setup in the current channel that had resolved down, making this instance likelier to resolve up. Surging Wednesday morning extended to attack 1.1450, with a second consecutive higher close on Thursday able to confirm momentum reversing up.

Gold Feb Contract (GC, ETF: (GLD))
Although still not extending back above 1283.00 since recovering it Tuesday, Wednesday also recovered a shallower dip to keep alive the upside potential.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s recovery up to 15.40 had not extended higher, remaining vulnerable to another dip. Wednesday’s dip did recover to 15.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Reacting down to and through 144-24 at Wednesday’s open was absorbed to retest the 145-08 buy signal, which held to avoid invalidating the recent break lower or to trigger a recovery.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s open was greeted back at the upper-end of 53.00-53.40 but only dipped to its lower-end intraday. Breaking higher beyond the narrow range would signal at least a retest of Friday’s high, if not also another breakout attempt from the same multi-session range.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday from Tuesday’s collapse was reversed down to fresh lows at 2.95 in the deepest test of “lower prior highs” that must to hold to maintain recovery potential.

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 ongoing decline extended through the holiday weekend to open Tuesday at 1.1400 prior lows. quick bouncing back to unchanged around 1.1420 didn’t improve any further. A buy signal can be lowered to 1.1455.

Gold Feb Contract (GC, ETF: (GLD))
Dipping to test the 1283.00 sell signal through Friday’s close had probed lower Sunday night but recovered to still test 1283.00 Tuesday. Its recover through the close would trap the interim shorts and help to fuel a steep recovery.

Silver Mar Contract (SI, ETF: (SLV))
Fresh lows coming out of the weekend had probed at least 20 cents under 15.40. Tuesday’s open had recovered to test it, and its recovery through the close would signal a bigger bounce underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s gap up tested the 145-08 sell signal that had finally broken lower Friday by 1 point. Initially reacting down from 145-08 and recovering to probe it was still overlapping it into the afternoon. Its recovery through the close could invalidate Friday’s break, which otherwise remains intact.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s break above a multi-session range around 52.35-53.40 had formed a breakout. Probing even higher to 54.75 overnight was rejected into Tuesday’s open, which extended down intraday to test 52.35. The breakout wasn’t confirmed, but it did leave outstanding the gap back to its close that could inhibit a reversal and attempt another breakout.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night from Friday’s 3.42 close had extended lower to attack Friday’s 3.20 low. Tuesday’s open broke that on the way down to “lower prior highs” attacking 3.05, which is the last opportunity for a bottom to form that could retrace recent highs.