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 may be fulfilling the likely retest of 1.0750-1.0785, the original pullback target, which is likelier to break lower given the chance.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s shallow brief pullback wasn’t able to fulfill the rally’s pullback, but Monday’s narrow ranging didn’t either, so Tuesday’s open gapped down into to the 1084.00 lower-end of last Wednesday’s range. Any lower would reverse the trend down, but closing above 1098.00 would resume the rally..

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Tuesday ranged around 13.77 support, not extending down intraday, but also not rejecting it, which makes fresh lows under 13.65 likely. A recovery attempt would be credible only if closing above 14.10.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite gapping down Tuesday to test 155-00, a reversal up to 157-18 retested the 156-30/157-04 objective that had held Sunday night and which still required an intraday retest. So long as 157-04 holds as support, the next higher resistance is 157-22 and 158-10, but no requirement to test either.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up  Tuesday and extending higher to test 32.20 was attracted back down to fill its gap back to Monday’s close under 31.45, but extended down sharply to probe under overnight lows and test 30.00. Closing back above 31.35 is the minimum requirement to signal the decline is ending.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s open gapped down for a second consecutive session to 2.33 and extended down intraday to 2.27. Any lower would next visit 2.14, but otherwise the gap back to Monday’s 2.40 close should attract price higher.

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))
Probing above Friday’s high Sunday night was retraced back into Friday’s range Monday, but not reversed down, although that remains the likely resolution.

Gold Feb Contract (GC, ETF: (GLD))
Overnight strength was retraced back into Friday’s range as Friday’s pullback low remains likely to be retested as deeply as 1091.00 before extending the rally.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Monday was reversed entirely to probe back under Friday’s late plunge low, which isn’t necessarily bearish, and makes a recovery above 14.10 that much more bullish.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight fulfilled the 156-30/157-04 bounce limit before reversing to gap down at Monday’s open. Shallow follow-through was recovered only enough to fill the gap back to Friday’s close. That cautious optimism near the upside attraction makes a retest likely of the overnight highs.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down from Friday’s 33.55 bounce limit test extended sharply lower Monday to fresh lows attacking the next lower support at 30.80. Closing under 31.35 keeps alive the momentum down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday’s breakout wasn’t confirmed by a second consecutive higher close Monday. But gapping down created a gap back to Friday’s ~2.48 close that must be filled eventually, making the dip likely to be recovered. The pullback has room to 2.31 before suggesting anything deeper underway. Closing above 2.44 would be likely to extend the rally.