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))
Gapping down Wednesday extended to test the upper-end of the longstanding 1.1395-1.1430 target, which corrects August’s Island pattern. Extending lower to close under 1.1370 would signal a complete retracement of the Island, whether to form a Double Bottom or to extend the already protracted downleg.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging into Wednesday’s open probed back under 1235.00 through the morning. Not with any velocity that would add credibility to reversing momentum down. But any initial weakness Thursday would get a benefit of the doubt for trending down intraday. By the same token, rejecting Wednesday’s reversal attempt by closing back above 1243.00 would next target 1253.00-1256.00 and 1277.00.

Silver Dec Contract (SI, ETF: (SLV))
The surge back up to 14.80 wasn’t extended Wednesday, keeping alive its potential for resolving up to 15.15, unless Thursday opens weaker. A downleg must still break support at 14.60.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having touched 138-04 overnight, recovering Wednesday to probe back above the 138-18 buy signal is more credible for launching the corrective bounce targeting at least 139-26, if not also 1 point higher.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing ahead of Wednesday’s EIA report had tested the 67.25 bounce limit, and started reacting down. Its knee-jerk reaction was muted, but eventually began firming to fresh highs above the 67.25 buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce was likely only noise so Wednesday’s gap up back to Tuesday’s high failed to extend higher. The inside day could produce a blip-up Thursday, perhaps a temporary knee-jerk reaction to EIA, but resolving down remains likely.