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 was recovered intraday, but not above 1.1435, keeping alive the topping pattern that would be triggered under 1.1345.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up above 1228.00 instead of trending through it reflected impatient optimism while creating a gap back down to Monday’s close and 1224.50. A bigger bounce testing “higher prior lows” near 1250.00 can’t be discounted, but a durable recovery is unlikely on this leg. And back under 1224.50 again would be much less likely to recover.

Silver May Contract (SI, ETF: (SLV))
Attacking the 15.25 bounce limit to within 2-3 cents before Tuesday’s open had plenty of time to extend higher, but did not, leaving in-play the fresh lows targeting 14.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s coiling was rewarded by gapping up Tuesday to fresh highs testing 166-16. A dip to “lower prior highs” around 165-00 would help to neutralize their attraction below before extending higher.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Closing even only slightly negative Tuesday is still enough to fulfill Friday’s confirmed breakout that required at least one eventual lower close after Monday. It’s still $1 short of the 34.25 minimum objective, which suggests the decline will extend deeper, potentially also to 31.85.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping under 1.95 Tuesday would have created a bearish setup from Monday’s pattern. Trending down intraday to test 1.95 instead has filled the gap back to Friday’s close, neutralizing the attraction below. Potential remains alive for resuming the rally so long as 1.92 holds as support.