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 met the minimum objective at 1.1190, still having potential for extending down to 1.1150 before retesting last week’s highs.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight to 1262.00 didn’t invalidate the bearish pattern which was confirmed by closing Tuesday under 1250.20. Extending down sharply overnight greeted Wednesday’s open at the minimum 1223.00 objective, which was probed during the morning to briefly test the lower target at 1216.50 before bouncing back up to 1223.00. A bottom may now form, but an immediate recovery attempt would be suspicious.

Silver May Contract (SI, ETF: (SLV))
Gapping down and extending lower intraday Wednesday fulfilled the minimum objective at 15.25. No lower objective is required, although not recovering through Thursday morning would next likely probe under 15.00.

30-year Treasury Jun Contract (US, ETF: (TLT))
Completely retracing Tuesday’s gap up to and through the 162-07 bounce limit didn’t prevent rallying Wednesday back through the 162-07 bounce limit and the gap back to Monday’s 163-05 by several ticks. Closing back under 162-07 would resume the decline’s momentum, but meanwhile this bounce has potential to 163-16 before either resuming the decline or launching a massive rally.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to and through recent lows Wednesday extended down through the morning to attack 40.00, likely heading to a test of “lower prior highs” at 39,.50 before filling last Friday’s opening gap at 42.00-42.35.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming immediately above 1.85 Wednesday still didn’t extend higher intraday as another slight dip developed. That pullback limit has failed to hold, but neither has it launched a new downleg, so a recovery remains possible.