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 corrective bounce extended a little higher Tuesday, still having room up to 1.0685 while maintaining a near-term attraction back down to the gap at Friday’s close, as well as a likelihood for probing new lows.

Gold Feb Contract (GC, ETF: (GLD))
An overnight dip that recovered into Tuesday’s open was too shallow anyway to qualify as the selling effort that a bottoming pattern would need to finish forming. A steeper and deeper post-open dive tested the likely 1157.50 objective and tried holding it. Closing positive would be bullish, as would closing above 1166.00.

Silver Mar Contract (SI, ETF: (SLV))
Filling the gap back up to its recent high close Monday was likely to produce a reaction down Tuesday, but its objective in the 17.00-17.10 area was exceeded to also retest 16.90. That’s deeper than would have been optimal, creating more room to recover before even launching a new upleg, which would be signaled by closing back above 17.05.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping up Tuesday held resistance at 149-22 before retracing into the afternoon’s 30-year auction. The gap back to Monday’s 148-11 close was only attacked, stopping optimistically short of filling, while at least a third lower close in the decline is still required.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sideways ranging continued to depend on the rally’s 52.75 upside target to serve as a pullback limit while maintaining upside potential for extending to 56.15..

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s inside day didn’t reject Monday’s break lower, although a second consecutive lower close would be decisively bearish to require at least an eventual third lower close. None of which precludes there still being a lower close — at least probing lower intraday.