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 testing the 1.1500 buy signal Monday instead of extending higher doesn’t qualify as triggering it. But it also doesn’t reject the test, keeping it alive and credible for any new firming to extend higher intraday.

Gold Feb Contract (GC, ETF: (GLD))
Another overnight probe of fresh highs retested the 1284.00 target that had been met already before Friday’s open, but not tested intraday. Monday also isolated its test of 1284.00 to the overnight. Still not rejecting the target’s test(s) suggests the rally intends to extend higher, next targeting 1319.50.

Silver Mar Contract (SI, ETF: (SLV))
Fresh highs Sunday night weren’t rejected Monday, regardless of Friday already having fulfilled the confirmed breakout’s minimum requirement for at least an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Finally breaking higher Monday morning is trying to resume the 145-08 buy signal that was first probed Thursday. Already extending to 146-09, It gets every benefit of the doubt for launching a new upleg, so long as pullbacks now hold 145-08 as support.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting the new week already trying to firm back to the 47.00 buy signal is less optimal than first completing a pullback to 43.35-44.15. The recovery attempt failed, still likelier to complete the pullback first.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Despite already fulfilling the decline’s 3.26 target last week, and retesting it into the weekend, Sunday night’s open gapped down and extended to fresh lows. A bottoming pattern remains likely..

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))
Rejecting Wednesday’s close under prior lows by gapping up back above them Thursday, was improved by also closing above the 1.1500 buy signal. A second consecutive higher close Friday would confirm, but it was still being tested as support.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs overnight fulfilled the 1284.00 target. A new trend extreme prohibits the same session from triggering a reversal signal. Now the rally can extend to 1319.50 so long as pullbacks hold 1273.50 as support.

Silver Mar Contract (SI, ETF: (SLV))
Already probing higher overnight and maintained through Friday’s close fulfills the minimum requirement of Wednesday’s confirmed breakout for at least an eventual third higher close. Upside momentum remains intact so long as pullbacks now hold any test of 15.30 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s close back above the 145-08 buy signal didn’t extend higher intraday, or overnight, and desperately needs a second consecutive higher close on Friday to confirm the consolidation is resolving in a new upleg. Otherwise, closing back under 144-22 would trigger a downleg.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging continued hovering optimistically above the 43.35-44.15 pullback limit whose test would be likely to launch a bigger recovery leg.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Two consecutive higher sessions since testing the decline’s 3.26 target were retraced entirely Friday at Wednesday’s intraday low. A basing/bottoming pattern is free to begin forming at any time, sooner rather than later to avoid letting the reversal extend.