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))
Two failed attempts to actually reverse deep gaps down — instead of only retracing them — were followed Thursday by a third gap down Thursday. This time without any retracement, while producing the lowest close in a week, and presumably (again) starting the next downleg.

Gold Dec Contract (GC, ETF: (GLD))
Despite Wednesday having held a test of the next lower target at 1166.00, Thursday probed under the next lower objective at 1254.50. Reversing almost any initial weakness back up into positive territory Friday would be vulnerable to a short-squeeze into the weekend.

Silver Dec Contract (SI, ETF: (SLV))
Extending down Thursday next targeted 17.09, which was tested to within 20 cents at the intraday low. No setup is capable of signaling momentum reversing up Friday, not durably, although probing fresh lows early Friday would be extremely vulnerable to a short-squeeze into the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Lower lows Thursday filled the 3-week old gap down to 165-02 that had been filled previously only overnight. That had been sufficient to launch a rally up to 170-04, but the retest would have been more bullish if Friday’s Employment Situation report were greeted from closing Thursday above 165-30.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally extended higher Thursday to test 50.50, likely to extend to 51.50 and potentially also to 54.65 so long as pullbacks now hold 49.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Firming overnight to 3.07 didn’t prevent an initially negative knee-jerk reaction to Thursday morning’s EIA report. But its dip to 2.97 was recovered almost entirely back to the overnight high. Pullbacks must hold 3.04 to maintain the rally’s momentum.