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))
Dropping immediately Thursday tested the upper-end of the 1.0750-1.0785 target area. Rather than probe lower, let alone resume the decline, the balance of the session bounced to test 1.0900.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down to the 1100.00 pullback limit and extending slightly under it Thursday required its recovery through the close to maintain the near-term upside momentum. Having failed that but not extending down intraday, gapping up above 1100.00 Friday would be credible for extending to fresh highs into the weekend.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday and Wednesday’s bounce up to 14.10 was retraced again Thursday down to 13.88, still not confirming the break higher while likely forming a sizable base. Bouncing to close back up at 14.00 does make it easier for Friday to extend higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Actually closing under 160-12 Thursday now suggests the flight-to-safety is done. The minimum pullback potential to 159-06 is already largely fulfilled. Meanwhile, closing back above 160-28 Friday would reinstate the flight-to-safety, and the next higher objective at 162-26.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Only probing positive territory Thursday is helping to form a bottom, and extending higher into the weekend Friday has become possible again for the first time in weeks. Closing above 31.00 would signal a bigger corrective bounce underway already.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Choppy knee-jerk reaction to Thursday’s EIA report held the 2.14 level, more as an attraction than as either support or resistance. Almost any early firming Friday would be credible for extending higher intraday.

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))
Wednesday’s weakness prevented closing above 1.0950, to maintain potential for reversing down to at least test 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Probing the two-week old prior high above 1109.00 didn’t extend higher, which would fulfill the outstanding third higher close that became required by confirming the two-week old breakout.

Silver Mar Contract (SI, ETF: (SLV))
Closing Wednesday above 14.10 could launch a new upleg by closing higher Thursday, too. The range otherwise persists.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite recovering intraday to probe the 161-09 overnight high by 9 ticks, the close was struggling to hold 160-12 as support whose break would all but seal a top.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down sharply Wednesday to test 26.20 now has room up to 27.40 before suggesting a corrective bounce may be underway. Coverage rolls forward to Mar as the front-month, which trades now at a 1.75 premium to Feb. Also, EIA reports irregularly on Thursday due to the holiday-shortened week.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow sideways ranging at or under 2.14 doesn’t greet Thursday’s EIA report from a position of strength, but a knee-jerk reaction down would be capable of recovering.