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))
Thursday had produced the required third lower close still outstanding from the prior week’s confirmed breakout. A lot of selling pressure had been expended since Wednesday morning’s surge, so Friday bounced, trying to fill the gap back up to Wednesday’s close. A durable recovery already is less likely than resolving down to probe fresh lows at 1.1100 and 1.0995.

Gold Aug Contract (GC, ETF: (GLD))
Narrow ranging Friday morning didn’t reject Thursday’s gap down which was a reaction to the FOMC news. Closing back above 1266.25 would still reverse momentum up, but not already reversing up Monday morning would be likelier to extend the decline.

Silver Jul Contract (SI, ETF: (SLV))
Ranging narrowly flat-to-lower Friday for a second consecutive session hasn’t altered the potential Island pattern that would have begun forming at Wednesday’s gap down. But further delaying any attempt to reject it past Monday morning would  suggest its decline will be extended.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s narrow ranging actually corrected 61.8% of Wednesday’s post-FOMC dip that had followed its pre-FOMC surge. In other words, the dip from Wednesday’s high is now corrected. That surge wasn’t confirmed, so a break back under 155-00 would target a retest of the range’s 153-29 lower-end, and probably also its reversal.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning firmed slightly but was contained within the narrow Wednesday-Thursday range of probing the prior Wednesday’s low. Closing above 45.65 would signal momentum reversing up, but the trend meanwhile remains lower.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s surge in reaction to the EIA report was consolidated Friday morning. Back under 3.02 to test 2.97 would help to form a durable bottom.