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 Jun Contract (EC, ETF: (FXE, UUP))
Only attacking the gap back to 1.1415 before resuming the decline isn’t necessarily premature. But Wednesday’s drop must still be confirmed before relying it to extend. And resuming the corrective bounce first would more likely probe prior highs to compensate for the delay.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday night’s high filled the gap back to 1259.00 before Wednesday’s open dipped back into Tuesday’s intraday range. The decline didn’t yet resume, but it may have been supported only by Silver’s simultaneous strength.

Silver May Contract (SI, ETF: (SLV))
Extending higher overnight produced a gap up Wednesday that was maintained to confirm Tuesday’s breakout above 16.85. Pullbacks have room down to 16.70 while maintaining the next higher target at 18.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initially rallying Wednesday was blind-sided by a broader market recovery. The 164-12/164-20 pullback limit that could barely be tested last week, has now been probed twice this week, this time targeting 164-06. But a close above 165-06 is still needed to signal the pullback has ended and the trend has reversed up.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Wednesday had reacted up to fill the gap back to Tuesday’s close, when OPEC rumors triggered a surge that extended through the afternoon, and through prior highs. None of which changes Friday’s confirmed breakout that requires at least one more lower close.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday’s probe of Tuesday’s 2.10 high by 3 cents was reversed back under Tuesday’s high. Closing under 2.05 would signal a deeper corrective dip underway. Otherwise, the rally’s momentum remains intact and targeting 2.20-2.25 .