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 Jun Contract (EC, ETF: (FXE, UUP))
No second consecutive lower close Wednesday under 1.0695 so no confirmation of Tuesday’s break. Instead, the more bearish scenario may be developing, with a probe above Monday’s high and potentially also a quick retest of Sunday night’s high up to 1.0865 that is quickly rejected.

Gold Apr Contract (GC, ETF: (GLD))
The 1198.50-1209.00 range had persisted through the close, but now its upper-end was probed by a spike up in reaction to Wednesday afternoon’s FOMC news. A second consecutive close above the range, a positive close, would launch a rally leg and probably avoid fresh lows testing 1192.00.

Silver May Contract (SI, ETF: (SLV))
Monday night’s bounce up to 17.05 was exceeded after Wednesday’s close in reaction to the FOMC news. There is room up to 17.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday extended Tuesday’s close above the 146-16 bounce limit up to the bounce’s 148-04 objective. Potential to higher highs to 148-20 or higher depends on pullbacks holding 147-11 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having fulfilled the 47.25 target at Tuesday’s low, gapping up Wednesday to test 48.75 bounce limit is trying to form a near-term bottom. The gap up formed an Island of Tuesday’s range which can produce near-term corrective rally but not durable without eventually retesting the Island whether to complete a bottom or to seek out a new one lower.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday tested the 3.00 pullback limit as resistance that had failed to hold as support before breaking a little lower Wednesday. Thursday’s EIA report is not being greeted from strength by sellers, but the uptrend’s traction has lapsed.