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 Dec Contract (EC, ETF: (FXE, UUP))
Attempts at holding 1.1760 support continued Tuesday, as the bounce extended higher to probe the 1.1810 bounce limit up to 1.1870. The near-term bearish resolution has no excuse to further delay breaking sharply back under 1.1760.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap up to test 1296.50 has not lessened the likelihood for retracing lower prior highs down to 1277.50-1280.50 before a durable rally would be credible.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday filled a 3-week old gap back up to 17.11, attacking 17.30. Any higher would seal a bottom, which may be a little too aggressive after so recently having probed a new low. A dip to 16.90-17.00 or even retest of 16.50 would form a more durable bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
The passage of time may have accomplished the correction that a deeper pullback did not. Tuesday morning’s rally through 152-20 up to 153-02 still has to recover 153-14 before confirming momentum is reversing up. Otherwise, not closing above 152-20 Tuesday keeps alive the 151-18 pullback potential before forming a more durable bottom.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday to the 50.25 bounce limit extended through it, probing the 50.75 buy signal intraday. The leg that closed above 50.75 was also still overlapping it, all but requiring the recovery to extend higher without delay if it is valid.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday morning’s bounce up to the 2.89 bounce limit held, and held there throughout the session. The gap now outstanding back down to Monday’s close should be filled before a break higher can be credible.