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))
Wednesday’s extended dip back under a week of prior lows was rejected by Thursday’s open gapping back up above those lows to 1.1450. Extending higher closed above the 1.1500 buy signal, now needing a second consecutive higher close Friday to confirm.

Gold Feb Contract (GC, ETF: (GLD))
Gapping back down Thursday within Wednesday’s range doesn’t invalidate the ongoing rally, but it does add a degree of urgency to not only meeting the 1284.00 target but also exceeding it.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up and probing higher Thursday helps to confirm Wednesday’s breakout, which would require an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
There was only a little more room for weakness under Wednesday’s low, which overnight action tested before Thursday’s gap up to and through the 145-08 buy signal. A second consecutive higher close Friday would resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s surge wasn’t going to trigger a reversal signal, but a dip down to 44.15 or 43.25 could start forming a reversal setup. Thursday’s low came within 10-15 cents of the pullback target’s upper-end.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Wednesday’s recovery from having fulfilled the 3.27 target (basis Feb, 3.33 basis Jan) was extended Thursday, which helps to confirm the target does end the decline, and that a bottom can now begin forming.

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 Wednesday was recovered at least to fill the gap back to Monday’s 1.1500 close, but reversing down slid to fresh lows, testing a last sleeper support under 1.1430.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Wednesday and extending to fresh highs above 1282.00 was retraced to test unchanged at 1272.50. Holding its test would keep alive upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s open compensated for the larger delay in extending higher by gapping up above all ~14.90 prior highs and trending up sharply to 15.25.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight retested Thursday’s 146-00 high before it became clear there was no near-term need for a flight-to-safety. A deeper retracement formed Wednesday morning after gapping down and sliding to 144-26. Closing any lower would suggest a top is forming.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
While no bottom can be durable at this stage of the patter, Wednesday’s gap up extended sharply higher through the morning to test Friday’s 42.65 higher prior lows. Regardless of the bounce, Thursday’s EIA report is not being greeted from a position of strength.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Overnight lows fulfilled the 3.33 target before bouncing Wednesday into positive territory testing 3.58. Thursday’s EIA report is not being greeted from a position of strength.