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))
Thursday’s gap down to last week’s lows testing 1.0505 did not recover intraday, being likelier to extend down to the longstanding 1.0470 target.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s retracement of Wednesday’s bounce probed under its lows down to 1231.00. Just closing under 1238.00 suggests an actual downleg is underway, and not just noise within a range. A break lower would be credible, despite leaving outstanding an eventual third higher close that was signaled by last week’s confirmed breakout.. So, avoiding a break lower or its confirmation would be likelier to recover.

Silver May Contract (SI, ETF: (SLV))
Thursday’s early weakness easily held the past week’s 18.30 support. The afternoon did not, as price plunged to the lowest levels in three weeks at 17.70. Clearly, 18.70 is off the table, and no buy signal is imminent.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s break under 151-11 extended lower overnight and Thursday morning, confirming the trend change that now targets fresh lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down and extending down Thursday offered the best opportunity in weeks to finally break the ongoing range, which had just failed to exploit to higher closes up to resistance.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming a little further ahead of Thursday’s EIA report wasn’t much upset in reaction. The bounce still has room up to 2.86 while still being likely to probe fresh lows under 2.64.