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))
Still being likely to fill the gap back up to Monday’s 1.0855 close before extending the decline, Wednesday’s reaction to FOMC Minutes probed back above the decline’s original 1.0750-1.0785 target .

Gold Feb Contract (GC, ETF: (GLD))
Devaluing the Yuan Tuesday night spurred a surge through 1077.70, avoiding a close under 1070.50. A second consecutive higher close Thursday would confirm 1137.00 is in-play. That might be more difficult for having tested 1094.00 intraday Wednesday.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s early surge was retraced as quickly as it had developed, and never extended higher intraday despite Gold’s rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Another stock market plunge overnight reasserted the flight-to-safety, With an overnight retest of Monday’s 155-14 highs, probing higher intraday up to 155-19. Closing back under 154-16 would confirm the bounce had held.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping to the 36.00 line in the sand Tuesday resolved down sharply overnight to open Wednesday gapping down under 35.00 and extending intraday under 34.00 on the EIA report.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Still ranging between higher and lower gaps, Thursday’s EIA report is being greeted from a position of strength. But not from momentum, so the bullish scenario would react down initially — perhaps as low as 2.14 — before reversing up more substantially.

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 fulfilled the longstanding pullback targeting 1.0750-1.0785, Extended distribution during makes the leg less likely to be only a pullback, and likelier to extend down.

Gold Feb Contract (GC, ETF: (GLD))
Holding the 1070.50 sell signal Monday allows a close above 1077.70 to gain traction and extend higher, although Tuesday did not. Closing under 1070.50 would target 1939.00-1941.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up was suspicious since Monday’s dip to Thursday’s gap had stopped optimistically short of actually filling the gap.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping already into Tuesday’s open extended down enough to confirm Monday’s close under 154-00 that signals momentum reversing down.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s weak open contrasted with the headlines, and a morning surge above 38.00 was reversed into negative territory, which has extended to under 36.00. A pullback had this much room, but not much time before resuming the rally — if a rally is valid.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Opening lower ranged narrowly sideways Tuesday. The puside momentum hasn’t lapsed, but it should be resumed very to maintain upward momentum.

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))
Initially bouncing Monday didn’t prevent ultimately reversing down and extending to fresh lows, nearing the long-standing 1.7050-1.7085 pullback target.

Gold Feb Contract (GC, ETF: (GLD))
Sunday night’s rally held 1074.00 resistance but Monday’s open trended through it to also probe above 1077.70. Testing both intraday required closing above both to signal a new upleg underway. Closing back under 1070.50 would have signaled its failure, targeting 1039.00-1041.00 . Their reaction down held 1070.50, ending the day overlapping 1074.00, not signaling the next leg in either direction.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up to probe above 14.10 was rejected by closing the gap back down to last week’s close under 1385. Closing above 14.10 is still the minimum buy signal to avoid new lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
No unfinished business is outstanding below, only making it easier for a “flight-to-safety” up to 155-14 while stocks crashed. But closing back under 154-16 would trigger a new downleg.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Early strength Monday seemed muted compared to the headlines behind it. Despite soon probing back above 38.00, the gains were reversed back down to 36.33 intraday — negative territory but still holding uptrending support.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow ranging maintained the recent recovery’s gains, instead of reacting down after having filled the gap up to last Tuesday’s close.