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 Dec Contract (EC, ETF: (FXE, UUP))
Monday’s failed breakout attempt wasn’t repeated Tuesday. Neither did its rubber band stretch snap back down to fresh lows, although almost any early weakness would be credible for extending down.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing around in the 1201.50-1209.50 range persisted through Tuesday, with the first breakout attempt still likely at least to return within the range before extending.

Silver Dec Contract (SI, ETF: (SLV))
Trading at or above the 14.33 buy signal for two consecutive sessions broke higher Tuesday. Even if only a false break, its near-term potential was to fill the gap above up to 14.56, which was tested at Tuesday’s high. Any higher would next target 14.80.

30-year Treasury Dec Contract (US, ETF: (TLT))
Three days of hovering just above the lows resolved down overnight to 139-17, but only probed new lows intraday Tuesday down to last week’s 139-22 lows. The interim shallow consolidation kept alive pessimism, making this leg likely to be brief or shallow or both. But Tuesday’s dip reflects optimism. Regardless, Wednesday’s FOMC is being greeted from a position of weakness.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Tuesday held up Monday’s surge to fresh highs, suggesting that any pullback would now likely recover and resume the rally to 73.90-74.20. A reaction down Wednesday can’t be prevented, but the EIA report is being greeted from a position of strength.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The rally’s momentum remains very much intact and extended higher Tuesday. Even a reaction down on Wednesday can’t prevent greeting Thursday’s EIA report from a position of strength.