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))
When only the slightest improvement is needed to reverse the trend up, its likely alternative is to extend the trend aggressively. Which Wednesday’s gap down well under all prior lows did. Bounces should be limited to 1.1765 unless a bottom begins forming.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday night’s bounce to 1298.00 resistance originated from an unstable base that had failed to decisively recover above 1290.00. Wednesday’s open gapped up only slightly, back down within Tuesday’s range, and fresh session lows tested 1287.00.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s gap down to 16.55 collapsed through the open own to 16.33, still not as low as Monday’s overnight dip, but maintained to maintain the decline’s trend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Three days of testing the 141-04 bounce limit didn’t bother any corrective dip or retest of last week’s low, neither of which was needed prior to recovering. Wednesday’s open gapped up to the 142-02 buy signal and fluctuated around it. The gap back down to 141-08 will be likely to fill if Thursday doesn’t extend the rally early.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already retracing Monday’s 72.90 fresh high down to 72.00 on Tuesday, Wednesday’s spike down to test 71.70 in reaction to EIA was not helpful. It wasn’t as bearish as could have been, and the 74.20 target remains in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up and extension to fresh highs was all but repeated Wednesday, which extended aggressively higher. This confirms Tuesday’s breakout, and greets Thursday’s EIA report from a position of strength.