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))
Four consecutive narrowly ranging sessions had broken lower Tuesday. There was no bullish reason for returning to 2-1/2 week old prior lows. Extending lower Wednesday to a second consecutive lower close confirms at least an eventual third lower close is required.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing $10 Wednesday was largely retraced to remain within proximity of the 1312.50 sell signal whose break would target 1291.50.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s bounce peaked within its 16.50-16.55 limit which held through the close to maintain the lower objective in-play at 16.25.

30-year Treasury Jun Contract (US, ETF: (TLT))
[Rolling coverage forward to Jun which trades at almost a 1-point discount from Mar]… Tuesday’s gap down to its 143-00 sell signal and ultimate intraday drop had neutralized a couple of lower gaps. Wednesday’s gap up to and through 143-00 firmed into the afternoon, but held the 143-12 bounce limit. The gap back down to last Wednesday’s 141-20 remains outstanding.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s close under the rally’s 63.45 pullback limit extended down Wednesday to fluctuate around the 62.25 sell signal. Still being tested through the close, closing under Wednesday’s 61.75 low Thursday would confirm a new downleg underway.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still fluctuating narrowly Wednesday keeps alive the likelihood for a fresh low before a rally effort would be credible. That’s not necessarily greeting Thursday’s EIA report from a position of strength, but neither is it a position of weakness, so recovering a fresh low would be likely to extend higher into and out of the weekend.