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))
Australia’s surprise overnight rate CUT produced a test of the 1.1600 target. Closing above it would trigger higher targets, but otherwise there is no unfinished business above. Closing negative Tuesday makes Monday’s 1.14.85 low a sell signal.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s choppy sideways ranging didn’t launch an immediate rally Tuesday, so any later probe higher is likely to hold a test of the 1312.50 target that closing above 1285.00 had triggered — so long as 1285.00 holds as support, which was tested Tuesday.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s pullback held a test of 17.50 to avoid signaling momentum reversing down. Meanwhile, a retest of the 18.05 area highs remains likely, and higher highs would resume the rally targeting 18.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
Closing Monday under 162-12 was rejected by Tuesday’s gap up to and through recent 163-12 highs. Extending higher intraday to test 164-08  produced the third higher close required by last week’s confirmed breakout. Not reversing down immediately under 163-12 could extend to 165-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pullback extended lower Tuesday and probed under the 43.85 sell signal. This should define the pullback to keep alive near-term potential to produce a required fresh high close. So, the sell signal’s test is suspicious, and rejecting it Wednesday wouldn’t be surprising.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up above 2.07 prior lows on Tuesday negated Monday’s late break that had closed lower. But the gap back down to Monday’s 2.03 close should be filled before a reliable rally leg can begin — which might help to explain why the gap up never improved intraday.