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))
Tuesday gapped up to 1.0860 and fluctuated sideways. Gapping down Wednesday could form an Island pattern and trigger a temporary reversal. Otherwise, the rally has room up to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
Quickly exceeding 1232.50 Tuesday extended sharply higher to test 1248.00 intraday. A second consecutive higher close would target fresh highs above 1265.00. Closing back under 1232.50 would reverse the trend back down.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s early surge through 17.50 extended to 17.62, putting into play a test of 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending Monday above the 148-04 bounce target had put into play the next higher objective at 150-06. It was pierced by several ticks Tuesday. Back under 149-12 would signal that the bounce’s momentum had ended.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s dip back under Monday’s low filled the gap back to last Tuesday’s 48.25 gap down. That session’s Island can be probed to fresh lows, but closing back above 48.45 would suggest a durable bottom is forming.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday probed prior highs up to 3.11, fulfilling the likely minimum consequence for Monday having closed above the 3.00 bounce limit. Reacting back down probed a nickel under the new 3.08 pullback limit, while filling the gap back down to Monday’s close. Closing beyond either end of Tuesday’s range can trend in that direction.