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 down again Thursday was not necessarily more counter-trend action, since Wednesday’s low had stopped optimistically short of actually filling the gap back to Monday’s close, and then filling the gap back up to Tuesday’s close had neutralized its attraction above. Bouncing intraday offers one more opportunity to bottom, by recovering from a retest of Thursday’s gap down.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s post-close reaction to FOMC extended sharply higher overnight to probe the 1312.00 target to attack 1317.00. Its reaction recovered to fresh post-open highs attacking 1319.00. The next reaction down slid to 1293.00, and then lower to 1285.00 after the close. Thursday’s gap up to 1308.60 will need to be retested.

Silver Jul Contract (SI, ETF: (SLV))
Already meeting the 17.60 target before Wednesday’s close, extending higher overnight created more room for a pullback without beginning to signal momentum reversing down. But 17.60 was probed back down to 17.40.

30-year Treasury Sep Contract (US, ETF: (TLT))
Surging at Thursday’s open extended easily through the 170-16 resistance but stopped short of touching the 171-22 target  before reversing back down intraday under 170-16.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down overnight easily fulfilled the decline’s minimum objective at 47.25 before extending to test 46.15, likely on the way to test “lower prior highs” at 45.40..

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Reaction to Thursday’s EIA report was muted, as a lot of buying pressure continues being expended simply to hover at the highs. Extending higher to the 2.70-2.75 target is likely to hold and to reverse down.