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 already Wednesday from Tuesday’s bottoming pattern was a little too too soon for such aggression to be reliable for extending higher. Its reaction down back into Tuesday’s range now allows another rally effort to be credible.

Gold Dec Contract (GC, ETF: (GLD))
Extending higher after Tuesday’s close was retraced before Wednesday’s open, undermining the corrective bounce’s potential up to 1283.50. Closing back under 1266.00 would resume the potential for testing at least 125, if not also 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Never actually probing above the 17.80 buy signal, let alone closing above it, has kept alive the attraction to retesting or attacking recent lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s open gapped back down to test 163-27 and 164-08 that must hold to maintain the bottoming pattern trying to form, and potential for bouncing to 165-30 and 166-19.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday  to reflect Tuesday’s post-close surge was soon rejected by a reversal down from above 50.00 to back under 49.00. That barely filled the gap back down to Tuesday’s close, but the decline has little excuse not to extend without delay.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Wednesday gapped down again after Tuesday had already fulfilled the third lower close requirement. The session nevertheless extended down sharply to 2.97, levels not seen since June. The drop now has room down to 2.86 before launching any reliable corrective bounce.