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))
Wednesday gapped up to test Tuesday’s 1.2480 resistance test of Friday’s highs, which had held,. Wednesday’s test also reversed back into the range ahead of the afternoon’s FOMC news, and then into negative territory to signal momentum reversing down.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Wednesday within Tuesday’s range didn’t ensure extending higher, especially after Tuesday’s initial surge initially ended in negative territory. The otherwise inside day greeted FOMC and then dipped to fresh lows under the 1341.00 pullback limit. Retracing back up overnight would be reliable for retesting last week’s highs.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s gap up attacked the 17.30 buy signal which held its morning test ahead of FOMC. Reacting down attacked the rally’s 17.11 pullback limit, whose break through the close during regular trading hours would be likely to extend down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Bouncing overnight after having confirmed a breakout was already doomed to failure. It was already reversed back down to Tuesday’s low ahead of the afternoon’s FOMC, and then lower in reaction. Fulfilling the minimum requirement for an eventual third lower close doesn’t end the decline.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness extended the 2-day pullback to probe under 64.25 support. The morning’s negative reaction to EIA was absorbed to at least pierce positive territory momentarily.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Having fully fulfilled last week’s confirmed breakout, at least a pullback was likely. Wednesday’s open gapped down sharply and trended down intraday, testing 3.00-3.05.