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 Mar Contract (EC, ETF: (FXE, UUP))
Tuesday’s retest of the lowest calculable 1.0410 target had recovered to avoid closing under the 1.0435 pullback limit so that a bottom could begin forming. Although it’s premature to yet recover, Wednesday gapped up and traded exclusively in positive territory, still at or under prior highs.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up slightly Wednesday only attacked 1139.00 before retracing back to Tuesday’s close, still no likelier than not to fulfill the decline’s 1118.00 objective or test the 1147.00-1149.00 bounce potential first.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s recovery from gapping down to its 15.67 target did not extend higher Wednesday, still attracted lower to test Tuesday’s open from above.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping up Monday not only further delayed fulfilling the minimum requirement for at least one more lower close, but also created a new attraction below at the gap back down to Friday’s close. Gapping down Tuesday  didn’t extend, and Wednesday firmed back up to Monday’s 149-04 high, which does not affect the pattern.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming after Tuesday’s API report didn’t extend higher, but dipping after Wednesday morning’s EIA report did revisit the 52.40 buy signal. The rally should resume without further delay to maintain the near-term target of retesting last Sunday night’s 55.45 high.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Wednesday’s open gapped up to Monday’s close, forming an Island of Tuesday’s gap down that had probed fresh relative lows down to 3.24. Peaking at or under 3.50 (which was probed intraday) keeps alive near-term potential to resume the decline targeting 3.18.