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))
Although Monday’s rally is only likely to probe higher and not necessarily required, gapping down Tuesday is not the rally’s appropriate end. Higher highs remains likely so long as the 1.0680 pullback limit holds.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s shallow intraday weakness nonetheless finished under the 1172.50 pullback limit. A recovery has no excuse to further delay extending higher, let alone closing back above 1180.00 to launch a substantial upleg.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday was essentially an inside day, hovering at Monday’s highs and above 16.70 which must hold to maintain the bullish pattern.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping slowly Tuesday didn’t resume the decline, so much as undermine it, all but requiring a more obvious dip back to and through the lows — which remains likely so long as 151-22 isn’t recovered.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to test the 50.50 pullback limit Tuesday never recovered nor resumed the rally, but the pullback limit held. Now in addition to the next higher objective outstanding at 52.75, the gap back up to Monday’s 51.55 close is likely to be filled.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Probing fresh highs Tuesday up to to 3.73 was not maintained as price dipped back into Monday’s range. This a dangerous area for the rally to lose momentum, as it fills an outstanding gap back up to October’s prior highs. The next reaction down should be sudden, steep and substantial, likely to test 3.60, which must be rejected almost immediately to maintain the rally’s momentum.