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 gap up to prior highs that closed higher needed confirmation from a second consecutive higher close. Gapping down Wednesday didn’t make that likely. Tuesday’s close above prior highs at 1.0815 still represents a gap wanting to be filled, and likely to be filled, until rejecting it by closing under a prior low like 1.0750.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s dip back under the 1206.50 sell signal by almost $7 avoided producing a new downleg, since it was recovered through the close. Closing back above Tuesday’s 1218.00 high would target 1235.00 and potentially also 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s test of the 17.63 objective and its fulfillment of a fresh recovery high close, was not extended Wednesday. This doesn’t equate to rejecting it, and a higher close Thursday would still have room up to 18.18 or 18.72.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending the corrective bounce Monday and Tuesday to 151-05 did not change whether it was only a correction. Sliding Wednesday morning back under Monday’s low to 149-23 greeted the FOMC Minutes with downside momentum, and after having expended a lot of buying pressure without gaining any traction for the effort.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Weak reactions to production and inventory reports offered another opportunity to resume the decline, which Tuesday’s open had otherwise isolated to Monday night. The session held a test of the 53.50 buy signal.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Already having fulfilled the 3.12 objective Tuesday, closing back above 3.15-3.20 could signal the decline’s momentum has lapsed. Probing it overnight was nevertheless reversed by Wednesday’s open, and not recovered again.