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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Wednesday attempted to fulfill the minimum third higher close required by Friday’s confirmed breakout. Gapping up makes an immediate reversal down unlikely.

Gold Aug Contract (GC, ETF: (GLD))
Despite Monday’s less-than optimal confirmation of Friday’s breakout, Tuesday’s test of the 1236.50 pullback limit extended sharply higher overnight. The 1260.00 target was met at Wednesday’s opening gap up, and probed. Upside momentum remains intact so long as pullbacks hold 1256.50 as support.

Silver Jul Contract (SI, ETF: (SLV))
Barely filling the gap Tuesday back to Monday’s close didn’t prevent extending sharply higher overnight. Surging through the 16.60 buy signal Wednesday extended higher through the morning, next targeting resistance at a gap back to 17.15.

30-year Treasury Sep Contract (US, ETF: (TLT))
Retesting 167-00 Wednesday morning was unlikely to extend since the interim pullback was relatively shallow and had optimistically recovered quickly. Reversing down would be triggered by closing back under 166-12.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight held up through the morning, attacking the 51.45 objective up to 51.35. Reversing down immediately would leave a gap outstanding that requires being filled, but would at least confirm this area is resistance.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Not first pulling back to 2.40 before rallying made Wednesday’s probe of fresh highs at 2.50 more difficult to extend. EIA is still being greeted from a position of strength, although a pullback would still be helpful. A knee-jerk reaction down must hold 2.35 to avoid reversing momentum down.