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’s probe above Monday’s highs was already dismissed as unlikely to extend, let alone to prevent retesting Friday’s lows, or even resuming the decline to 1.0550. Wednesday’s weakness is in-line with the bearish scenario.

Gold Jun Contract (GC, ETF: (GLD))
Attacking 1282.00 overnight enabled gapping up Wednesday, but intraday action only ranged sideways between 1275.00-1279.00. It developed entirely in positive territory but without trending higher. Further upside potential to 1284.00 and 1294.00 requires pullbacks to hold 1272.00.

Silver May Contract (SI, ETF: (SLV))
Rallying to 18.30 Tuesday resolved by gapping up above 18.30 Wednesday, but then only hovering there intraday instead of extending or rejecting.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 153-09 were attacked throughout Wednesday, stopping pessimistically short within several ticks, forming a Rising Wedge. Closing negative suggests the wedge is breaking lower, but meanwhile any fresh high could almost literally explode higher in this pattern.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing the 53.55 target overnight by 20 cents ultimately held and reversed back down intraday to 53.00. Under 52.70 would target 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Touching the 3.13 sell signal at Wednesday’s open reacted up to the 3.19 buy signal, which would target 3.27 before capitulating.