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’s narrow sideways ranging twice tested the 1.1050 bounce target, the second time while RSIs diverged negatively. Any higher for any longer would target 1.1140, but the bounce is meanwhile vulnerable to being reversed back down.

Gold Apr Contract (GC, ETF: (GLD))
Reacting down from another attack on the 1277.50-1288.00 target area didn’t reverse the trend down, leaving potential for a more substantial test of the target area.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s delayed trending down from having neutralized the attraction up to 15.70 does make fresh highs more difficult. But trending back down already is unlikely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Recovering the 162-20 buy signal Monday night extended to gap up sharply Tuesday at 163-24 and then extended sharply higher intraday to test the 164-26 origin of last Tuesday’s plunge. Not first backing-and-filling Tuesday morning does undermine Wednesday’s upside momentum.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Monday’s late 38.11 high up to 38.39 resolved down to gradually attack 36.40 support didn’t reverse the trend down, but it is being threatened.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Still testing 1.70 resistance Tuesday instead of decisively recovering it and 1.80 to launch a substantial corrective bounce.

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))
Gapping down Monday wasn’t the appropriate resumption of the decline, despite Friday essentially having fulfilled the 1.0500 bounce target. Reversing back into positive territory now enables a probe under Monday’s low to extend down sharply.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s test of the 1277.50-1288.00 target area’s lower-end leaves open potential for a more significant test, especially since Monday’s weakness didn’t extend.

Silver May Contract (SI, ETF: (SLV))
Friday’s fulfillment of the 15.70 gap outstanding above need not reverse down immediately, and may even try extending the rally next, as Monday’s weakness was shallow.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat ranging Monday didn’t threaten the 162-20 buy signal, but neither did it threaten to resume the decline that we’re assuming has ended.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally showed little sign of stopping Monday, and it actually accelerated to test 38.11. Back under 34.75 would signal momentum reversing down, with no shallower of an ultimate target than to retest the lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Probing intraday above the 1.70 buy signal Monday stopped sh0rt of attacking the 1.80 signal whose combined recoveries would launch a correction of the multi-week downtrend.