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))
Fulfilling the bounce’s minimum 1.2435-1.2465 target area Wednesday didn’t prevent probing higher overnight and gapping up Thursday to test 1.2540. There is potential for extending to fresh highs so long as 1.2435 now holds as support.

Gold Apr Contract (GC, ETF: (GLD))
Already having fulfilled the minimum 1356.00 objective — i.e. filling its gap above — was extended overnight to attack 1360.00, but Thursday traded flat-to-lower down to the rally’s 1350.50 pullback limit.

Silver Mar Contract (SI, ETF: (SLV))
The rally’s 16.95 target was met at the overnight high, making the pattern more vulnerable to reacting down more obviously. Which the gap down did, extending to 16.60 at session lows. Closing back above 16.70 would reinstate the upside momentum next targeting 17.11.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s retest of Sunday night’s 143-04 target had originated from a position of strength, so Thursday’s bounce back to what is now the buy signal at 144-12 is starting to suggest a bottom is forming.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight probed the 61.50 bounce limit by a nickel before reversing down sharply to 59.80 support. Its reaction back up above Wednesday’s highs must be the corrective bounce’s peak and launch the next downleg targeting 57.20 to maintain the pattern.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Filling the gap Wednesday back down to Monday’s 2.56 close prevented greeting Thursday’s EIA report from a position of weakness. But its resolution wasn’t high enough to reach a position of strength. A blip-down overnight touched 2.53 but the session only ranged narrowly without resolving either way.