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 narrow range was followed by another on Tuesday, dipping only deeply enough to attack Friday’s low. At least a third eventual lower close is still required to fulfill Thursday’s confirmed breakout.

Gold Dec Contract (GC, ETF: (GLD))
An even bigger bounce Monday night probed above the 1213.00 bounce limit and still resolved down to retest 1206.00 as support. The 1196.50 target remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s intraday fluctuation around 16.62 all but rejected what was the biggest overnight bounce since first fulfilling the objective, making fresh lows likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying Monday night barely attacked the 154-19 bounce limit and held the continuation pattern’s uptrending support as resistance. While that doesn’t invalidate the downside momentum, there’s no bearish reason such as refueling for further delaying a drop to fresh lows.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight highs fulfilled the 48.75 target while attacking 49.25, reacting down almost immediately. A second consecutive higher close could have confirmed Monday’s breakout session and created a higher objective, but closing negative instead does not necessarily reverse momentum down.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Simply firming to close positive Tuesday still satisfies the eventual third higher close that became required by confirming Thursday’s breakout. The gaps outstanding below can no longer be tested from a position of strength, but could still hold if tested. This week’s EIA report is scheduled one day earlier on Wednesday due to the holiday.