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))
Wednesday’s FOMC reaction probed above Tuesday’s test of 1.1345 resistance before reversing down more substantially, filling the nearest gap, and likely targeting fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Wednesday to and through 1248.00 probed above 1251.00 intraday. A knee-jerk reaction to FOMC touched what had been the 1241.00 bounce limit. Back under 1241.00 would reinstate the decline targeting 1222.00.

Silver May Contract (SI, ETF: (SLV))
Gapping up Wednesday was retraced to fill the gap back down to Tuesday’s close. Bouncing again was retraced in reaction to the FOMC news. Any new rally effort would be credible for resuming the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Despite being an appropriate area for a low, Wednesday’s gap up was the wrong tactic for launching a durable recovery. The FOMC reaction’s blip-up touched the 162-14 buy signal and held it, still needing to fill the gap back down to Tuesday’s 161-04 close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing fresh highs overnight was reversed down on Wednesday’s morning’s EIA report, but only to fill the gap back to Tuesday’s close. The afternoon was recovered entirely and probed fresh highs. The sell signal has been raised to 43.90.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Holding Tuesday’s test of 2.14 “lower prior highs” is free to launch a recovery, but Wednesday’s open did not start it. There was no second consecutive lower close to confirm Tuesday’s breakout.