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 Jun Contract (EC, ETF: (FXE, UUP))
Tuesday’s “ineffectual pessimism” completed its recovery by gapping up Wednesday to test Monday’s 1.2450 high. Closing any higher would confirm the rally had resumed, targeting 1.2510-1.2535.

Gold Jun Contract (GC, ETF: (GLD))
Firming overnight to gap up Wednesday at fresh recovery highs only ranged sideways intraday, which is still enough to maintain the minimum upside objectives at 1361.00-1364.00.

Silver May Contract (SI, ETF: (SLV))
Extending higher overnight after Tuesday had already filled the gap back up to 16.80 was improved overnight to gap up Wednesday and extend through 17.25, confirming the upside momentum remains intact, next targeting 17.37 and 17.65.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overnight weakness was too shallow to yet invalidate the corrective bounce targeting 146-10, which was attacked to within a quarter-point Tuesday. But extending down through the noon hour did test the 145-04 sell signal whose break would start to signal a new downleg is underway.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Coverage has rolled forward to Jun, trading at a 10-cent discount from May] Tuesday’s last-minute trigger of downtrending pivotal resistance was extended overnight to gap up Wednesday, filling the gap back up to Friday’s 67.20 close. Extending through 67.60 confirms the rally is now targeting 69.50.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday started by still testing the 2.75 bounce limit, which keeps alive the potential for fresh lows down to 2.52. A post-open bounce up to 2.79 was retraced back down to 2.75, maintaining the distributive pattern.