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))
The reaction down from 1.1000 filled the gap at 1.0850 before bouncing back above 1.0950, whose recovery undermines the attraction down to 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down slightly Tuesday did not suggest another attempt at probing 1089.00 resistance, or any of the peaks to its prior probes. Filling the gap back down to Thursday’s 1071.50 close can’t be discounted.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up and hovering in positive territory Tuesday might seem like “ineffectual optimism,” but it was pessimistic in comparison to the overnight highs that chipped away further at 14.10 resistance.

30-year Treasury Mar Contract (US, ETF: (TLT))
Weakness was limited Sunday night and Monday when there was no catalyst for a “flight-to-safety,” but Tuesday’s reaction was very responsive to the broader market weakness. Still, no higher high is required.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night and Monday choppiness was duplicated Tuesday as a bounce to 30.25 reacted down to attack Sunday night’s lows down to 28.50. Recovering back above 30.25 could now launch a multi-session rally.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Dipping Sunday night to 2.05 had reacted up short of 2.23, and Tuesday’s post-open test of 2.14 resistance reacted down intraday. Closing above 2.14 would now reverse momentum up.