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))
Monday’s correction of the recently started rally was already resolving at Monday’s gap up. The 1.1100 target was attacked up to 1.1090, and remains in-play so long as pullbacks hold 1.1050.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up above the recent test of 1283.50 resistance to 1286.50 extended to 1292.00 and hovered. Above 1293.00 would next target 1304.50, but meanwhile recent “lower prior highs” down to 1275.00 all but require a retest before a credible recovery could begin.

Silver Dec Contract (SI, ETF: (SLV))
Already firming after Monday’s close at 17.80 resistance then rallied overnight to greet Tuesday’s open gapping up at 18.25, and then extended higher intraday to test 18.52. A pullback has room down to 18.05 before signaling at least a significant correction underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Room for bouncing up to 163-02 had not been fully utilized before reversing down overnight to attack recent lows to within 5-6 ticks at 161-26. Bouncing into the open allowed only a slightly lower gap down, which immediately reversed down to fresh lows at 161-22. An actual probe of fresh lows is likely before a credible bottoming attempt — which had better become obvious soon if Wednesday’s FOMC Minutes and Friday’s Employment Situation report will be greeted bullishly.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two separate overnight probes under Monday’s low each bounced, the second one being accompanied by RSIs diverging positively. But a corrective bounce having room up to 47.50-47.70 was ignored as the decline extended down to 46.25, targeting 45.70 and potentially 43.75.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Monday’s doomed gap up had retraced already back into low’s consolidation, and extended down overnight to fulfill the 2.97 low’s retest. Extending down through the open tested and held the 2.87 extended target where a credible recovery could start forming.