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))
Relatively narrow ranging Thursday avoided printing a lower low, but also avoided a higher high that could have begun invalidating the ongoing downtrend.

Gold Apr Contract (GC, ETF: (GLD))
Extending Wednesday’s reaction down Thursday morning attacked the original 1222.60 inflection point as support, and bounced to test 1942.00 whose recovery would target a retest of the 1264.00 high.

Silver Apr Contract (SI, ETF: (SLV))
Probing under the 15.15 pullback limit eventually held and reacted back up to 15.15, but not decisively recovering it resume rallying to the 15.70 objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending down a little deeper overnight and Thursday morning was nevertheless recovered to attack 168-00, still targeting 170-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 32.40 bounce limit touch produced a reaction down to 31.50. It has so far held, keeping alive potential for the corrective bounce to also touch 32.70 before resuming the decline back to recent lows.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Having failed to produce the third stage of a bottoming pattern that became possible after Monday’s close, Thursday’s EIA report wasn’t greeted from a position of strength. Its gap down under all prior lows extended down even further before recovering back to the open. Gapping up Friday back above 1.82 could form a near-term Island Reversal pattern targeting 2.00.

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 slightly Wednesday was recovered to probe positive territory slightly, while still maintaining the downtrend’s ongoing series of lower lows and lower highs.

Gold Apr Contract (GC, ETF: (GLD))
Clearly rejecting Monday’s close under 1216.60 and barely recovering the 1222.60 buy signal at Tuesday’s close was well-rewarded overnight and through Wednesday’s open by fulfilling the 1242.00 and 1248.00 targets up to 1254.30, Reacting down probed 1240.00 support, threatening momentum to also test the recent 1263.90 high.

Silver Mar Contract (SI, ETF: (SLV))
Surging overnight stopped a dime short of fulfilling a retest of the recent open’s gap at 15.70, whose test is likely before a downleg would be credible. Its reaction down probed under the 15.37 open as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s recovery extended higher overnight to gap up Wednesday at 167-17. The extension up to 168-25 was retraced to test Tuesday’s 167-04 highs as support, still targeting a test of the recent opening high’s 169-31 gap.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sliding overnight to test 30.60 support created room for a corrective bounce up to 31.50 while still targeting a retest of the lows. Exceeding it intraday created potential to 32.40, but closing back under 31.15 would reinstate the downside target.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The second session of a two-day setup opened flat to leave no “unfinished business” below, so that closing above Tuesday morning’s 1.88 high would signal a bottom is reversing back up.