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))
Filling the gap back to the 2-week old high session’s close Monday resolved down overnight and gapped down Tuesday, back under Monday’s range, and through the 1.1425 sell signal. Closing lower Wednesday would confirm the trend is reversed down again.

Gold Dec Contract (GC, ETF: (GLD))
Still barely ranging flat-to-higher overnight finally tried breaking higher Tuesday morning to 1229.50. Its reaction down fell back to the 1220.50 sell signal, whose break would likely trend down to fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging overnight surged into Tuesday’s open to test 14.45 before plunging through the morning to 14.20. All of which suggests the corrective bounce limit has held its test, and a second lower close Wednesday would likely trend down ahead of the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh recovery highs overnight gapped up Tuesday to 140-04, then fluctuated flat-to-lower, filling the gap back down to Monday’s 139-24 close without reversing momentum down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s long-awaited retest of last Tuesday’s record intraday plunge was itself shallow and brief. Its optimism was bearish from a contrarian perspective, and proved out Tuesday by plunging again through 55.70 to fresh lows testing 52.75. Being another plunge, similar to last week’s, no recovery attempt will be credible without first retesting the plunge’s low.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Monday’s rally had stopped short of filling the gap back up to last Wednesday’s 4.83 close. Tuesday’s reaction down held a test of the 4.38 sell signal, keeping alive the higher attraction, but also making any subsequent dip highly likely to extend down sharply.