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))
Breaking lower from the Symmetrical Triangle that was forming through Tuesday could extend 1.618 and fulfill the outstanding 1.1495 downside objective. But Wednesday tried breaking higher, or at least firmed to test 1.1650, and any higher would invalidate the downside potential.

Gold Dec Contract (GC, ETF: (GLD))
More narrow ranging overnight firmed later Wednesday morning and probed the 1209.50 buy signal. A second consecutive higher close would confirm a new rally leg underway. Otherwise, back under 1201.50 would resume the decline targeting 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-lower ranging into Wednesday’s open was recovered to attack the 14.33 buy signal. It didn’t trigger, but breaking higher Thursday morning would be credible for extending higher intraday, and potentially launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up slightly Wednesday only ranged narrowly sideways, without rejecting the ongoing decline of lower lows and lower highs.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already greeting Tuesday’s API from a position of strength enabled a post-close surge that extended higher Wednesday morning in reaction to EIA. The week-old gap up to 71.20 was filled to neutralize its attraction. The 71.40 overnight high preceding it was only attacked and is still likely to be retested.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s second consecutive higher close following Monday morning’s fresh pullback low now suggests a bottom is forming. Surging Wednesday morning to the 2.87 buy signal reacted down, but retesting it Thursday morning would be likely to extend higher since the EIA report is being greeted from a position of strength.