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))
Still hovering above the 1.1345 sell signal, Wednesday firmed back up to the highs, still holding a test of 1.1435 to maintain the topping pattern.

Gold Apr Contract (GC, ETF: (GLD))
Having neutralized both the gap down to Monday’s 1219.50 close and up to Tuesday’s 1229.50 close, Wednesday’s close at 1224.50 is at the pattern’s least predictable point There is no near-term attraction above or below. Closing beyond either 1228.00 above or 1218.00 below would be likely to extend in that direction.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s gap down filled the gap back to Monday’s lower close and then essentially retested Tuesday’s high that had attacked the 15.25 bounce limit. A fresh low testing 14.70 remains likely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s dip fulfilled the minimum bullish scenario of testing “lower prior highs” down to 165-00. By gapping down, the close back to Tuesday’s open is now an attraction above, as Tuesday’s gap up already was. The pullback has room down to 144-22 before threatening a more substantial pullback.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s close did NOT fulfill the eventual third lower close required by Friday’s confirmed breakout, so its lower attraction remains outstanding. Gapping up Wednesday created another attraction below, in addition to targeting 34.25 and 31.85: fill the gap back down to Tuesday’s close. Back under 36.95 would signal the decline has resumed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping down to test 1.90-1.95 all day Wednesday is not constructive to Tuesday’s intraday dip that held 1.95 support. And it is not greeting Thursday’s EIA report from a position of strength. Immediately recovering above 1.95 would likely compensate for the delay by quickly surging to fresh highs.