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 Mar Contract (EC, ETF: (FXE, UUP))
The 1.1930 bounce limit was probed substantially Wednesday morning, filling a 3-week old gap back to 1.1975. Back under 1.1930 and 1.1910 would reverse the trend back down.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s pause had avoided probing Monday’s highs intraday, despite having probed higher overnight. Probing another fresh high overnight again all but ensured trending higher intraday Wednesday, nearing 1277.50-1280.50 resistance.

Silver Mar Contract (SI, ETF: (SLV))
Trending higher Wednesday probed overnight highs. Closing higher again Thursday would be likelier to reach the 16.65 target before another pullback.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite Tuesday’s extended decline holding 151-16 through the close, Wednesday morning gapped down to fresh lows and tested 150-20. Closing back above 151-16 would at least rob the decline of its traction, if not also trigger a bigger squeeze. There is otherwise no buy signal.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight produced another gap up above the 57.45 bounce limit that once again reversed back down to the 56.85 sell signal. But rather than break, its touch launched a bigger bounce back above the open’s high The next opportunity to peak is at a gap outstanding from last week at 58.45, or closing under 57.45.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Wednesday morning’s slide filled the gap back down to Friday’s 2.61 close. Having originated from a position of strength of closing above 2.71, the dip is likelier to be recovered. And its recovery back above 2.71 and 2.80 would launch a credible recovery. So, Thursday’s EIA report is not being greeted from a position of weakness.