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 was appropriate for helping to confirm that Tuesday’s gap down had only neutralized the attraction below without breaking lower. The FOMC reaction extended higher and filled the gap back up to Tuesday’s close. Retesting last week’s 1.1400 high remains in-play.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday didn’t reject Monday’s surge, so with or without a pullback that would be likely to recover, the 1312.00 target above remains intact. Spiking up post-close in reaction to FOMC already tested 1300.00.

Silver Jul Contract (SI, ETF: (SLV))
Firming to a fresh relative high Wednesday morning continued the attack on the outstanding target above at 17.60. But it was fulfill in reaction to the afternoon’s FOMC news.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness tested the 168-20 pullback limit to enable Wednesday morning’s post-open rally. Recovering to within 3 ticks of Tuesday’s 167-27 high suggests the rally is resuming.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down even deeper after Tuesday’s API report, and then reacting up on Wednesday’s EIA, has not undermined the distributive pattern unfolding that should soon now be entering its capitulative stage.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Still not falling any deeper than Tuesday’s pre-open dip is starting to suggest that the 2.70-2.75 target will be met first. Meeting it without first correcting would make the target’s test likely to react down.