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 Sep Contract (EC, ETF: (FXE, UUP))
The reaction down continued Wednesday to fulfill the 1.1065 target. The next lower objective is a retest of Sunday night”s low in the 1.100 area. Closing back above 1.1110 would suggest the pullback has ended.

Gold Aug Contract (GC, ETF: (GLD))
Remaining under pressure Wednesday morning only attacked Tuesday”s low, but the 1158.50 target remains intact.

Silver Sep Contract (SI, ETF: (SLV))
Whether or not Tuesday”s breakout low was confirmed by a lower close Wednesday, holding above Tuesday”s intraday low made the confirmation less than optimal.

30-year Treasury Sep Contract (US, ETF: (TLT))
An overnight plunge to test 148-20 confirmed Monday”s gap up had gained no traction while a fresh low remained likely before any other resolution would be credible. This pattern tends to extend by gapping, making an overnight slide likely.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Wednesday to the 58.70 sell signal trended down sharply into the afternoon to fresh lows at 56.85 support. Extending deeper would likely test 55.35, but closing back above 57.75 would signal that the break would not extend and could still launch a sudden reaction up.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday”s recovery to 2.83 resistance was probed momentarily by 1 penny at Wednesday”s open, but only to reverse down to probe 1 penny under 2.77 support. The extended range isn”t narrowing, so its first breakout would still be credible for extending intraday in that direction.