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 Thursday was retraced back into Wednesday’s range, but no higher as the vulnerability remains greater to extend down if not also to capitulate.

Gold Feb Contract (GC, ETF: (GLD))
Overnight weakness was recovered for a firm open Thursday that extended higher intraday through the 1222.50 signal to test 1226.50 resistance, whose recovery would target 1240.00.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s outside day was relative subdued, but it was positive, and any early strength would be credible for extending higher intraday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite not gapping up to isolate Wednesday’s probe under 164-30, Thursday did trend up to recover Tuesday’s 165-21 close and 165-30 resistance, suggesting the 169-31 week-old gap above will next be retested.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Tuesday’s pre-open high at 31.15 up to almost 32.00 Thursday was reversed back to unchanged, still likelier to retest the decline’s 26.50 target and fill the low close’s gap, while also testing 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Bouncing to test “higher prior lows” at 1.95 allowed filling the gap below at 1.91, but Thursday’s open gapped down to fresh lows and trended lower. There is high potential for another consecutive lower close..

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))
Still ranging narrowly after the recent support break is running out of time to launch a credible recovery, let alone to avoid a capitulating plunge.

Gold Feb Contract (GC, ETF: (GLD))
Extended narrow ranging through Wednesday should launch at least a blip-up to retest the opening gap outstanding above 1240.00.

Silver Mar Contract (SI, ETF: (SLV))
Ranging narrowly has extended for long enough that breaking abruptly either way would likely be short-lived and reversed more substantially in the opposite direction.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still no catalyst for a flight-to-safety, so the long bond fell further Wednesday. Breaking under the 165-12 area is problematic to a near-term recovery — unless gapping up Thursday can isolate Wednesday’s dip.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming back up to attack Tuesday’s 31.50 pre-open high is still considered only a correction before retesting 26.40 down to 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Now that “higher prior lows” at 1.95 have been tested as resistance, a dip can fill the gap back to Tuesdays’ 1.91 open and neutralize the attraction below.