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 Dec Contract (EC, ETF: (FXE, UUP))
Gapping up Thursday retested the 1.1265 sell signal that had triggered last week by gapping down. Extending higher intraday to 1.1300 filled the gap back preceding the sell signal’s original break, neutralizing its upside attraction. Closing back under 1.1265 is credible as re-triggering the sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s post-close surge in reaction to the FOMC news was not rejected overnight, and firmed slightly into Thursday’s open to test the original 1341.50 sell signal. Closing above it Thursday, and confirmed by a second consecutive higher close Friday, would take 1296.00-1297.00 off the table for a bigger rally leg. Back under 1329.00 would resume the decline.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up above 19.75-19.85 and closing above it would be confirmed as being the beginning of a new upleg by a second consecutive higher close Friday. Otherwise, back under 19.75 would trigger a new downleg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up and extending higher Thursday to test 168-00 is further confirmation that a bottom has formed, but it doesn’t prevent backing-and-filling that tests the past week’s “lower prior highs” before extending higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap up and higher close confirmed Wednesday’s breakout, and the likelihood for this leg to now target 49.00. Closing back under 45.00 could extend lower to fresh lows, but only in the context of being temporary.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength for not having rejected Tuesday’s breakout, although Wednesday had not confirmed the breakout. The intraday reaction down held “lower prior highs” and remains likely to recover and resume the rally.