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 Sep Contract (EC, ETF: (FXE, UUP))
Initially dipping held the 1.1355 pullback limit Wednesday before resolving up sharplyto 1.1441. Extending higher Wednesday confirms Tuesday’s breakout from a multi-session range. Regardless of either session’s advance or the cumulative gain, at least an eventual third higher close is required.

Gold Aug Contract (GC, ETF: (GLD))
Firming further overnight finally retraced the 1254.50 origin of last of Sunday night’s “fat finger” plunge. Its resistance held post-open, enabling another downdraft to begin that actually tests the decline’s 1235.00 target.

Silver Jul Contract (SI, ETF: (SLV))
Fresh highs overnight probed the 16.75 prior high that had preceded Sunday night’s “fat finger” sell-off. Its reaction down was recovered, but not exceeded through the close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s steep drop had only two likely resolutions, either to extend down a lot immediately, or else to rally. Sharply lower overnight lows tested the next leg’s 154-16 objective down to 154-09 and bounced. Wednesday’s post-open action dipped to attack the overnight low down to 154-19.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down to API after Tuesday’s close was recovered overnight, and then extended in reaction to Wednesday morning’s EIA report. The 44.90 target was attacked to almost within a nickel, while forming an Ascending Triangle targeting 45.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up and extending higher Wednesday confirmed Tuesday’s breakout, sealing a bottom. That bottom can still be tested as support down to 2.95, but the rally is otherwise free to exten.