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 down to fresh lows Tuesday suggests that the ongoing distributive pattern is finally maximizing its influence, after weeks of choppy flat-to-lower ranging that hasn’t yet put together two consecutive lower closes under a support.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s unimpressive gap up and ranging was retraced only shallowly Tuesday, barely filling its gap back to Friday’s 1255.70 close. The impatient buying suggests that a deeper dip is needed to form a better bounce.

Silver Dec Contract (SI, ETF: (SLV))
Dipping shallowly Tuesday stopped optimistically short of filling the gap back down to Friday’s 17.41 close. The impatient buying suggests that a deeper dip is needed to form a better bounce.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing Monday under 165-02 had maintained the downtrend’s momentum, at least preventing a buy signal. Perhaps the plunging stock market created a flight-to-safety that eventually produced a bounce up to 164-22, but the nearest signal at this stage of momentum reversing up would be above 165-18.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight highs held the 51.50 target that had been tested Monday morning by a dime, and then already retested Monday afternoon. Breaking under the 50.80 pullback limit Tuesday now requires its immediate recovery Wednesday to maintain potential for extending this leg to 54.60. Two consecutive lower closes under 50.80would instead signal at least a deeper pullback underway.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Probing a Monday’s high overnight up to 2.31 allowed room for a deeper pullback down to 2.14 before reversing momentum down. But holding 2.20 would at least maintain the upward momentum.