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 to test Tuesday’s gap probably only delays the inevitable retest of recent lows, since Tuesday’s reaction down had stopped optimistically short of filling the gap back to Monday’s close.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap up didn’t immediately recover the 1329.60 that would have served by proxy to invalidate Tuesday’s close under the 1322.40. pullback limit. But it doesn’t prevent extending higher anyway to retest last Thursday’s 1363.00 overnight spike high.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up  Wednesday’s open easily retested Thursday night’s spike high, presumably still targeting 18.80 so long as 18.00 now holds as support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already having fulfilled the requirement to retest last Thursday nights 173-25 high Tuesday, it’s interesting that overnight action only ranged narrowly while stocks rallied sharply. The excuse for a pullback was ignored, as it was Wednesday while stocks rallied even more sharply. The 174-26 target remains intact.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s late surge extended higher overnight, and then also intraday Wednesday into and out of a bullish EIA report. Closing back under 48.35 would signal the upside momentum was lapsing, which might allow raising the sell signal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday was reversed back into the rally’s 2.86-2.91 target area that had been fulfilled Tuesday. This rally leg has extended considerably without only shallow pullbacks, so Wednesday’s key-reversal is more vulnerable to reversing down. But Wednesday’s gap up above all prior highs will want to be filled.