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 up through 1.0950 resistance Wednesday confirmed the recovery above 1.0900 had ended the potential for retesting recent lows. Extending through downtrending resistance rallied sharply to 1.1156, testing “higher prior lows” at 1.1140. Upside momentum remains intact so long as 1.1065-1.1090 holds as support.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break above the rally’s minimum 1131.50 target extended to test its maximum 1141.00 target above 146.00. Back under 1133.50 would signal the extension had failed to gain traction.

Silver Mar Contract (SI, ETF: (SLV))
Early strength Wednesday finally extended through the 14.35-14.40 resistance to launch the next upleg, already testing 14.80.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fulfilling the 162-26 target Tuesday didn’t prevent probing higher post-close, overnight, or Wednesday, all the way to 164-07. But testing 164-07 didn’t prevent reacting back down to 162-26, which suggests its higher highs are only more recent weak-handed buying pressure. But reversing the trend down still requires dropping under 161-26.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 29.45 pullback limit was tested overnight before Wednesday’s flat-to-higher open that extended higher intraday to attack 32.50. Closing any higher would signal a retest of 34.80 up to 37.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Overnight weakness was recovered Wednesday to firm intraday, but Thursday’s EIA report is still being greeted from a position of weakness.

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 up Tuesday held 1.9050 resistance whose recovery would launch a new rally leg. It reacted down to attack 1.090, whose break would resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs Tuesday touched the 1131.50 target and reversed back down into negative territory. No second consecutive higher close confirmed higher targets are in-play. But the trend hasn’t reversed down, and closing only slightly lower Tuesday requires closing under 1114.00 to launch a new downleg.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s test of 14.35-14.40 resistance wasn’t rejected then, and wasn’t rejected Tuesday, but still hasn’t extended higher to launch a new rally leg.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 162-26 target was met early Tuesday, which now allows room down to 160-16 before starting to signal the trend reversing down — probably sharply.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down under the 32.50 pullback limit wasn’t recovered at Tuesday’s open, probing lower lows down to 29.80. A bounce could test 31.65 while still maintaining the downside momentum.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s reaction down had been required by Friday’s gap up. Extending down deeper overnight was not required, let alone extending under the recent range’s prior lows. This is not a pattern that recovers durably, even if it tries recovering immediately.