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))
Quickly probing fresh lows Wednesday morning was ultimately maintained to fulfill the unfinished business below. Additionally, the 1.0540 target was tested and held. This isn’t necessarily a bottom, and a second consecutive lower close would confirm the decline’s momentum remains intact. But it’s an opportunity for a low, and we’ll now monitor for a reversal setup to develop.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s plunge sliced through the outstanding 1196.50 target down to 1181.20.Regardless of the sizeable one-day break, having originated from a multi-session range makes it a breakout, which a second consecutive lower close would confirm. Meanwhile, bounces should hold 1194.00 as resistance to maintain the decline’s momentum. Closing above 1201.00 would start to signal momentum reversing up.

Silver Dec Contract (SI, ETF: (SLV))
Sharply lower lows Wednesday morning down to 16.15 provided the selling attempt still needed to prove whether a bottom has been forming. But closing back above 16.62 is still needed to even begin suggesting a bottom is forming — preferably without a second consecutive lower close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Spiking down to fresh lows at 151-19 on Wednesday’s pre-open Durable Goods report didn’t prove decisively whether the recent ranging is now resolving down. Bouncing probed back into the range to test 153-00, so the next session’s resolution in either direction would become vulnerable to extending in that direction again.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s last-minute surge up to 48.55 was rejected by gapping down Wednesday to test 47.45, but the gap was filled in reaction to the morning’s EIA report. None of which is necessarily bearish, so probing fresh recovery highs is likely.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Firming again Wednesday probed more decisively above the prior two sessions for a better chance at fulfilling the rally’s outstanding requirement for a third higher close. Closing above 3.08 would signal a bigger rally underway, but there otherwise remains attractions to 2-3 gaps below.