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))
Monday night’s test of 1.0865 support was recovered, as was Tuesday morning’s lower low, which continues suggesting that a bounce targeting 1.1050 may be forming.

Gold Apr Contract (GC, ETF: (GLD))
Testing 1248.00 up to 1251.00 Tuesday was reversed down sharply to retest the 1227.50 buy signal. A second consecutive higher close above 1242.00 would have targeted a retest of prior highs up to 1265.00. Closing back above 1242.00 again would still be credible for extending higher.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s initial strength held at the 15.15 buy signal, and reversed down in reaction to the morning’s econ reports, still needing a close above to target 15.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Failing to gap up for a second consecutive session gave Friday’s gap down more credibility for extending lower to retest the prior week’s 163-14 low, and it was probed down to 162-04. Bounces must recover above 163-00 to suggest the decline is ended.

Closing back above 163-14 would signal the decline’s momentum had lapsed. Closing above 163-24 would signal another rally leg is underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Friday’s ~34.65 high didn’t extend, but it wasn’t probed to justify raising the sell signal up from 32.50.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Not gapping up prevented exploiting one bullish setup, but a late surge opened another that must still close above 1.80 to signal momentum reversing up.

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 started the week by gapping down and extending lower. Testing 1.0865 at its low may allow at least a corrective bounce to test 1.1000, since that’s a 61.8% retracement of the Dec-Jan consolidation. Extending lower anyway would be vulnerable to sliding more sharply.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Monday to 1227.50 extended through the buy signal but stopped short of reaching its 1242.00 objective, whose recovery would all but target a retest of the 1265.00 prior high.

Silver May Contract (SI, ETF: (SLV))
Flat-to-lower ranging Monday didn’t help to end the extended reaction down, which must still recover 15.15 to suggest a retest of the recent highs is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sunday night’s probing above Friday’s gap-down highs weren’t maintained into Monday’s open, suggesting a narrowly ranging session. Gapping up Tuesday would still qualify for rejecting the dip and resuming the recovery.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping overnight to test 32.50 held the signal but only bounced back into the range, so closing under 32.50 would still qualify for resuming the decline targeting a retest of the lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Like Friday, Monday avoided gapping up and forming an Island Reversal pattern, instead gapping down and extending lower. The 3-session setup of unconfirmed breaks suggests that Tuesday won’t confirm Monday’s break as being durable.