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))
Overnight weakness fulfilled the requirement to fill the gap back down to 1.0435. Not closing above it Wednesday would be likely also to test the gap open at 1.0405 before a recovery would be credible. There is otherwise no “unfinished business below.”

Gold Feb Contract (GC, ETF: (GLD))
Shallower overnight strength than the previous night was restrained by Wednesday’s open to spend the day fluctuating narrowly around unchanged, yet to test the range’s lower-end at 1118.00.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday fluctuated narrowly around unchanged instead of exploiting Tuesday’s gap up, suggesting the gap back down to Friday’s close will be filled before a credible rally leg can begin.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s dip recovered Wednesday from only attacking 148-04 whose break would have targeted a new low close, rallying up to 149-02 that has defined the past week’s resistance.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming slightly overnight was retraced before Wednesday’s open, but intraday firming kept price within the orbit of recent highs that still require being retested regardless of the next leg’s direction.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Dipping slightly overnight and at Wednesday’s open nevertheless recovered 3.75 and extended sharply higher to test at least 3.82. Unless rejected immediately Thursday for being only the mechanical product of contracts rolling forward, a more substantial upleg is now underway — leaving unfinished business below.