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))
Still fluctuating around the 1.0690 pullback limit had begun taking too long to rely on it holding, let alone launching a recovery. Hovering at the five-day range’s lower-end Wednesday is vulnerable to breaking lower.

Gold Jun Contract (GC, ETF: (GLD))
Despite Tuesday’s second consecutive higher close confirming Monday’s breakout above 1252.00, Wednesday’s open gapped down back under 1252.00 and probed lower to 1245.50. Closing lower Thursday would signal momentum reversing down, but the rally otherwise remains intact.

Silver May Contract (SI, ETF: (SLV))
Fluctuating around 18.30 Wednesday probed under Tuesday’s low, which had already filled the gap back down to Monday’s close. Rallying has no excuse not to be underway through Thursday morning.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down to the 151-12 sell signal initially extended to attack the previous 150-26 sell signal before bouncing to fill the gap back up to Tuesday’s 151-21 close. There is no unfinished business above to inhibit reversing down.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday extended the 48.50 buy signal to test 51.88, a little too aggressive at this stage to avoid reacting down on the morning’s EIA report. Filling the gap back down to Tuesday’s 51.03 close held, leaving outstanding the gap up to help resume the rally targeting 53.55.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s surge to fresh highs was so unnecessary that it could only mean higher highs would follow, which they did on Wednesday. It’s not a breakout and confirmation, but still a big enough departure from the distributive template that the pattern’s predictability is unreliable.