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))
Having reacted straight down since Monday’s gap up, Wednesday’s gap down served as capitulation to the premature reversal attempt. It’s not a buy signal, but the gap back up to Monday’s 1.0935 open should be filled before a durable decline would be credible.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s post-close dip back down to Friday’s close did not extend lower overnight, but its reaction up was shallow.

Silver May Contract (SI, ETF: (SLV))
Flat-to-higher ranging Wednesday kept alive the attraction to “higher prior lows” at 18.30, which remain in-play so long as 17.90 holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s test of the 150-24 sell signal wasn’t likely to break lower without first bouncing to fill Monday’s 151-26 gap open at the rally’s 152-00 target. Wednesday’s gap up rejected the test, and flat-to-higher ranging kept alive that attraction above.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already testing the 48.50 buy signal through Tuesday’s close, the aggressive reaction to Wednesday morning’s EIA report probed above 49.00 to further suggest that a durable bottom is forming, testing 49.30 whose recovery would confirm.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up to fresh highs Wednesday was too aggressive at this stage of the pattern to be reliable for extending higher, other than greeting Thursday’s EIA report from a position of strength.