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’s reaction up held a test of 1.2365 whose recovery would reverse momentum up, and leave no unfinished business below since Tuesday’s fresh low close already fulfilled it. The trend otherwise remains down.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Wednesday to retest 1348.00 up to 1352.50 was reversed back down to 1339.00, whose break would start to signal the recent rally had failed and momentum is reversing down. Not following-through Thursday could marginalize sellers to allow another rally leg.

Silver May Contract (SI, ETF: (SLV))
Gapping up slightly was reversed back down to and through 16.40 to 16.28. A second consecutive lower close on Thursday would confirm the recent rally had failed, and that fresh lows are in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
The gap back up to Monday’s 146-26 close was only attacked Wednesday up to 146-18 before testing Tuesday’s lows down to 145-18. A pullback still has room down to the 145-00 area while still being likely to recover and at least fill the gap back to 146-26 .

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap down under 62.50 and test of 62.05 doesn’t require being retested, despite being left outstanding after recovering back above the 62.62 pullback limit. Having said that, only filling the gap back up to Tuesday’s ~63.45 close without closing higher can’t afford to hesitate extending the recovery Thursday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Extending the bounce back above 2.70 to 2.74 was retraced a little before Wednesday’s close, enough to avoid greeting Thursday’s EIA report from a position of strength, but not to be in a position of weakness.