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))
Tuesday’s break higher was suspicious, so Wednesday’s gap down was appropriate. The gap back down to Monday’s 1.1185 close was filled, and closing back under it would signal the corrective bounce had ended.

Gold Aug Contract (GC, ETF: (GLD))
Attacking the 1375.50 target Tuesday was reversed intraday Wednesday down to 1360.60, attacking the gap back down to Monday’s close. Retesting Wednesday’s high is now likely to hold, bu9t a deeper pullback first should be only temporary

Silver Sep Contract (SI, ETF: (SLV))
Trending down Wednesday erased Both Monday and Tuesday’s gains, but did not reverse the trend down, so that 21.15 remains in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s recovery into the 172-26/173-04 range was retraced Wednesday back down to the original 171-22 buy signal that was also tested at Tuesday’s open. Closing under it would suggest a deeper pullback underway, but that’s otherwise premature.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce retested the 40.80 bounce limit tested Tuesday. Closing above 41.20 could invalidate the decline’s momentum, which otherwise remains intact and targeting 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s close under the 2.77 pullback limit was rejected by gapping up above it Wednesday, and then extending back above 2.80. Thursday’s EIA report is being greeted from a position of strength, and a favorable reaction would likely fill the gap back up to 2.98 before extending even higher.