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))
Wednesday’s shallow gap down bounced quickly back into Tuesday’s range, and soon tested the 1.1175 sell signal that Tuesday had broken under. Holding it as resistance didn’t undermine the break’s momentum, still targeting fresh lows.

Gold Dec Contract (GC, ETF: (GLD))
Sliding sharply again Wednesday to 1307.00 keeps alive the decline’s momentum and its 1296.00-1297.00 target, which is in-play so long as bounces were to hold 1316.00 as ressitance.

Silver Dec Contract (SI, ETF: (SLV))
Avoiding a probe of lower lows Wednesday without reversing up doesn’t negate the outstanding requirement for at least an eventual third lower close. Holding up while Gold slides sharply may find heavy rotation into Gold when its downside target is met, which would enable Silver to retest Sunday night’s low.

30-year Treasury Dec Contract (US, ETF: (TLT))
 Rolling coverage forward to Dec, at about a 1-14 discount to Sep… Wednesday’s choppy, sloppy ranging at least ranged more narrowly, just around Tuesday’s range, but still short of its 171-02 buy signal.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two days of ineffectual optimism that had tried avoiding a break under 46.60 were greeted by Wednesday’s gap down that extended sharply lower in reaction to EIA. The pattern next targets 41.45 on a second consecutive lower close Thursday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s test of the 2.82 sell signal was already suspicious. Wednesday’s immediate bounce back up to what had been the 2.88 pullback limit would confirm by closing above it, which would greet Thursday’s EIA from a position of strength.