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))
Without rejecting Tuesday’s gap up from the two prior days of firming, the 1.0750-1.0785 corrective target is in jeopardy. Tuesday’s high did peak upon filling the gap back to the 1.0995 close, giving Wednesday’s open a brief opportunity to resume the slide.

Gold Feb Contract (GC, ETF: (GLD))
Dipping into Tuesday’s open ended the day overlapping the 1074.00 pullback limit. Immediately recovering 1077.70 Wednesday would be credible for extending higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Two consecutive closes at the 14.10 and 14.35 buy signals respectively still need an actual breakout close to confirm new sponsorship is being attracted to the recovery attempt.

30-year Treasury Jan Contract (US, ETF: (TLT))
Monday’s attack on the 157-04 buy signal was rejected more deeply Tuesday to attack the 154-30 reversal signal to within 3 ticks.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s “ineffectual pessimism” resolved up with little delay Tuesday, still needing a close above 36.75-36.90 resistance to signal a new rally leg underway.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The pullback from Monday’s negative divergences attacked its 1.85 pullback limit but didn’t trend down. The gap back to Monday’s close was filled, neutralizing its attraction above, so trending up anyway early Wednesday 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 Dec Contract (EC, ETF: (FXE, UUP))
Monday’s firming extended Friday’s bounce back up to ~1.0950 higher prior lows. The decline should resume without further delay Tuesday if 1.0750-1.0785 remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher Sunday night extended through 1074.00 resistance Monday morning to attack 1081.50. Closing above 1077.70 would signal a new upleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Firming Sunday night above the 14.10 area extended to test 14.35 resistance, whose recovery would signal a new upleg underway.

30-year Treasury Jan Contract (US, ETF: (TLT))
Narrow ranging Sunday night and Monday morning gravitated back up to Friday’s 156-26 highs. Closing above 157-04 would signal a new upleg underway.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night failed to duplicate Friday’s recovery effort, gapping down Monday and spending the session essentially ranging in negative territory under all prior lows. This would prove to be “ineffectual pessimism” if Tuesday’s open were firm, and would be expected to trend up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday’s gap up to 1.82 resistance extended through the 1.85 buy signal and trended up to 1.94. A double top there on diverging RSIs won’t tolerate a pullback deeper than 1.85 to maintain the recovery.