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 againWednesday is the first confirmation of a break during the recent multi-week distribution pattern. At least an eventual third lower close would be required to fulfill the setup, before any recovery effort can be credible.

Gold Dec Contract (GC, ETF: (GLD))
Two days of ineffectual optimism weakened Wednesday, but still held well above Friday’s lows, with potential to a fresh low at 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Two days of ineffectual optimism weren’t so ineffectual as to require fresh lows. But Wednesday’s dip was too shallow itself to qualify as fulfilling the downside consequence, which is necessary before any recovery attempt would be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down and probing lower to 163-19 Wednesday needs to avoid closing under 163-27 would would signal a much deeper decline underway.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally above its 51.50 target has yet to resume, while the 50.80 pullback limit is probed even more deeply Wednesday down to 49.90. Two lower closes would indicate that a top is forming

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip actually touched the 3.20 pullback limit which Tuesday’s low had only attacked. Probing any lower intraday Thursday should be recovered to close higher, which the morning’s EIA report should trigger..