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))
Gapping down Tuesday didn’t exploit the pattern’s ongoing vulnerability to plunging, but neither has the series of lower lows and lower highs been disrupted.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s close under 1216.60 was isolated by gapping up Tuesday back above it. But only back to 1222.60 whose recovery is still needed to trigger the 1242.00 and 1248.00 targets.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday helped to isolate Monday’s dip as holding its test of 15.15 support so the outstanding gap above at 15.70 could be filled.

30-year Treasury Mar Contract (US, ETF: (TLT))
Sliding sharply to test 165-00 at Tuesday’s open was not credible for this stage of the pattern. I noted during the pre-market Tour that proving it was an anomaly required only attacking unchanged. Unchanged was recovered by a surge well into positive territory, offering further confirmation that a test of 170-00 remains in-play.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An early-morning bounce Tuesday was rejected by a deeper slide through the morning, further confirming that a retest of the decline’s original target and the gap back to its 28.80 low close remain in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The pattern’s only bullish setup immediately available for Tuesday was to gap up and close positive, with an interim probe of fresh lows. In fact, Tuesday’s open did gap up and immediately reverse down to new lows. A recovery wasn’t indicated, but forming the setup over two sessions could still qualify.

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’s open exploited the pattern’s vulnerability to plunging by gapping down after having trended down overnight. Gaps are leaving “unfinished business above” outstanding, and inihbiting the decline from extending much first..

Gold Apr Contract (GC, ETF: (GLD))
Falling Sunday night back under 1222.50 without recovering Monday is signaling the rally’s momentum has lapsed. Closing under 1216.50, too, would likely target 1195.00. Closing back above 1222.50 would resume the rally to 1942.00 and 1949.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Monday keeps alive potential for recovering to rtest last week’s high around 15.25.

30-year Treasury Mar Contract (US, ETF: (TLT))
Only a suspicious shallow dip accompanied stock futures soaring overnight. The weakness is suspicious because it almost qualifies as relative outperformance NOT during a filght-to quality.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength depesited Monday’s open more than $2 higher. It did not extend any higher intraday, which shouldn’t be productive anyway if a retst of the lows remains in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
.No new strength Monday prevented the pattern from trending.At least another morning would be required.