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 Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s gap down had  held the 1.1550 week-old gap it filled, and bounced back to almost unchanged. Lower objectives remain outstanding, but that didn’t prevent the obligatory bounce from probing higher Wednesday. The decline is likely to resume so long as 1.1675 isn’t recovered.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap down from a multi-session range had triggered a breakout. But Wednesday’s bounce failed to confirm with a second consecutive lower close. There’s still room above to 1206.00-1207.50 while still being likelier to reverse down to lower objectives at 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s flat-to-higher ranging wasn’t going to launch a recovery from Tuesday’s gap down under all prior lows, which will want to be retested from above, assuming the decline hasn’t already extended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s gap up only touched the 143-18 sell signal that was broken already on Tuesday. The gap up was reversed quickly down to fresh lows at 142-28, but the balance of the session only ranged narrowly at Tuesday’s 143-02 low.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already probing under the 69.50 pullback limit after Tuesday’s close, gapping down Wednesday extended down to 68.75. Thursday’s (delayed) EIA report is not being greeted from a position of strength, and could be weaker only had Wednesday’s break been confirmed already. Retesting Tuesday’s 71.40 pre-open high would likely form a durable top.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down had rejected Friday’s gap up that closed above its 2.87 buy signal. Extending down deeper Wednesday to 2.78 has confirmed a reversal, now requiring at least an eventual third lower close.