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))
This week’s two gaps down did not extend down intraday. Wednesday didn’t gap down, but trended back up to the 1.1830 sell signal, filling the gap back up to Monday’s close. There is little excuse to further delay extending down to 1.1760, let alone to break under it and to trend down.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s drop to 1288.00 extended down overnight to probe the 1277.50-1280.50 targeted support. Post-open action ranged flat-to-higher, but exclusively in negative territory. Closing back above 1288.00 would signal the correction had ended, allowing the recent rally to resume. Extending any deeper would target 1273.00, if not also 1269.00, while still being considered only a temporary correction.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Wednesday under Tuesday’s 17.20 low didn’t extend lower, and the session ultimately fluctuated choppily around 17.20. Closing back above 17.11 would signal the correction had ended without extending to 16.75 first.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s gap down to test “lower prior highs” at 152-26 doesn’t invalidate the recovery, and introduces a buy signal that would be triggered back above 153-14.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up to Monday and Tuesday’s highs soon reacted down into Tuesday afternoon’s range, and held, barely recovering into positive territory. The 52.65 objective remains intact.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s reversal from having gapped up to the sell signal at 3.00 had reversed down intraday to 2.95. Wednesday’s gap down to the sell signal’s 2.89 target extended lower intraday to within 4-5 cents of potential for filling the gap outstanding from the two-week old low close.