Daily Spot…

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 again Wednesday still wasn’t the optimal start to resuming the decline. Tt would have been credible, but filling the gap back to Tuesday’s close was optimal. The morning’s bounce into positive territory did that, while forming a Head & Shoulder. A new downleg should be obvious with little delay to avoid a bigger rally will have begun.

Gold Apr Contract (GC, ETF: (GLD))
Consolidating at or under the lower-end of the 1277.50-1288.00 target area established a base to launch at least a brief probe further into the range. Suddenly gapping down Wednesday doesn’t prevent that more thorough test, but closing under 1250.00 would make that more difficult.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s dip extended Wednesday, testing support at 15.25 that must hold to keep alive at least an attack on Friday’s high.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s post-open rally up to 164-27 had avoided backing-and-filling its gap up, and Tuesday night’s drop fulfilled the requirement testing the 162-20 buy signal as support. Slightly “lower prior highs” allow a little deeper, but there is otherwise no lower requirement or reason to delay rallying again.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
After Tuesday’s drop held an overnight test of the 36.30 pullback limit, Wednesday’s bounce retested prior highs, allowing the pullback limit being raised to 36.90, and the sell signal raised to 35.45.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Improving Wednesday to attack 1.80 and closing decisively above 1.70 suggests that Thursday’s EIA report will be greeted from a position of strength.