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))
The buy signal had been lowered to 1.1475 and overnight action was subdued, but selling resumed Friday morning and fresh pullback lows were probed. The buy signal remains unchanged.

Gold Feb Contract (GC, ETF: (GLD))
Already testing the 1283.00 sell signal before Friday’s open, the session remained under pressure while fluctuating narrowly around 1283.00.

Silver Mar Contract (SI, ETF: (SLV))
Lower lows Friday now require almost immediate recovery to avoid extending into a new downleg, instead of simply trending down with the channel.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fluctuating Thursday around the 145-08 sell signal resolved down overnight to fresh lows, and extended lower Friday to 144-090. Having filled the gap Thursday back down to Wednesday’s lower-open, lower lows suggest the decline is intact. But a second consecutive lower close would help to confirm

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning probed fresh intraday highs up to 53.90 while probing the 53.31 overnight high for the first time. While December’s prior highs are now engaging, the retest of its resistance suggetss that shallow pullbacks will soon extend the rally.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s post-open decline to 3.29 extended down overnight to 3.20, where post-open action rallied back into positive territory at 3.44. The 3.37 prior low must hold to maintain the rally’s resumption.

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))
Fresh lows overnight were probed intraday Thursday after Wednesday’s ineffectual optimism. The buy signal can be lowered to 1.1475, with no requirement to trigger it, but no sell signal at work otherwise.

Gold Feb Contract (GC, ETF: (GLD))
Attacking the range’s upper-end on Wednesday only retraced back into the range on Thursday, still not resolving and becoming increasingly likely to break suddenly and sharply in one direction or the other.

Silver Mar Contract (SI, ETF: (SLV))
Sideways ranging persisted for yet another day, remaining vulnerable to a sudden explosion beyond the range in either direction, regardless of it possibly being a false breakout.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping back up Thursday into the range was reversed to only fluctuate around the range’s 145-08 lower-end, still not signaling a break lower.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sideways ranging extended the hovering at recent highs, still likely at least to probe fresh highs regardless of the resolution.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Already retracing 61.8% of Wednesday’s intraday drop overnight produced a gap up Thursday. The 61.8% retracement held 3.56 intraday to range sideways and attack Wednesday’s close. There is no new signal.