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))
Wednesday’s “outside day” was only narrowly so. It neither rejected Tuesday’s session to form an Island, nor did it extend higher. Gapping down Thursday would still form an Island. Meanwhile, the next higher objective in-play is 1.0900, so long as pullbacks hold 1.0750 as support.

Gold Apr Contract (GC, ETF: (GLD))
Gaining several dollars Wednesday to 1251.20 satisfies near-term buying pressure, while also confirming Tuesday’s breakout which requires an eventual third higher close. Pullbacks meanwhile should hold 1239.50 as support.

Silver May Contract (SI, ETF: (SLV))
Very narrow ranging Wednesday didn’t reject Tuesday’s close above 17.50, which has put into play a test of 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Not reversing down Wednesday made the pattern likely to extend to its next higher target at 152-04, which was attacked to within 1 point and remains in-play so long as pullbacks now hold 150-15.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s probe under last week’s Island had become likely when Monday’s low only touched the Island’s “lower prior highs” instead of also filling either of its gaps. Closing back above Wednesday’s 47.75 low undermines the downside momentum. Wednesday’s opening gap down was retested intraday, so there is no “unfinished business below” if a rally were to begin, by closing back above 48.50.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Breaking lower at Wednesday’s open extended down intraday to close under the 3.08 pullback limit. One more lower close already would have greeted Thursday’s EIA report from a position of weakness, but it is certainly not optimal strength. Closing under 2.99 would reverse the trend back down.