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 Dec Contract (EC, ETF: (FXE, UUP))
Thursday’s gap up didn’t reject Wednesday’s gap down, and the pullback targeting 1.0750-1.0785 remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Thursday extended to close above 1074.00to suggest the reaction down had ended. But closing above 1077.70 is still needed to reverse the trend back up..

Silver Mar Contract (SI, ETF: (SLV))
Already having dipped relatively shallowly Wednesday, Thursday’s strength extended to close at a fresh high that suggests a new upleg is underway if confirmed by a second consecutive higher close.

30-year Treasury Jan Contract (US, ETF: (TLT))
Wednesday’s bounce from fresh lows extended just higher enough Thursday to fill the gap back to Tuesday’s close. Its attraction above had prevented Wednesday’s drop from extending, so neutralizing its attraction allows the decline to resume.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap up extended higher intraday to confirm Wednesday’s close above the 37.70-37.90 buy signal.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already probing fresh recovery highs overnight, Thursday’s EIA report was greeted from a position of strength.

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 Dec Contract (EC, ETF: (FXE, UUP))
Filling the gap back to last Wednesday’s close wasn’t rejected immediately, Tuesday, but that delay was compensated by gapping down Wednesday to test 1.0900. The 1.0750-1.0785. pullback target remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s closing test of the 1074.00 pullback limit wasn’t recovered Wednesday, as price broke lower into the morning. Now closing above 1077.70 is needed to resume the rally.

Silver Mar Contract (SI, ETF: (SLV))
Narrow ranging Tuesday didn’t undermine upward momentum, but neither did it refuel the upward momentum, which could benefit from dipping to trap shorts.

30-year Treasury Jan Contract (US, ETF: (TLT))
Attacking the 154-30 sell signal Tuesday resolved lower Wednesday to test the 153-30 prior low. Even in the most bullish scenario, a bounce back to 154-30 can’t be discounted before extending down more substantially.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up slightly and firming intraday tested the 36.79-36.85 buy signals that had held their test last Friday.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s pullback had stopped short of exploiting all of its room down to 1.85, but the rally resumed anyway on Wednesday, extending to test 1.91. A second consecutive higher close Thursday would confirm a new upleg has been launched.