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))
The confirmed breakout under 1.1425 extended down Tuesday to overlap the 2-week old low session down to 1.1295, which reacted back up above the low session’s high. Extending the decline any further can’t afford to hesitate, or else a durable bottom will begin forming.

Gold Dec Contract (GC, ETF: (GLD))
Already piercing the 1220.50 sell signal overnight for the first time in a week of only touching it, Tuesday’s open slid sharply to fill a gap outstanding from 1215.00, probing it down to 1211.50. A second consecutive lower close on Wednesday would confirm the trend has reversed down.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s fresh lows down to 14.05 help to confirm the ongoing break under the 14.32 sell signal, and the downside momentum does keep alive the reversal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight from Monday’s dip to the 139-22 sell signal did not resume the rally. But neither did it confirm Monday’s dip, making fresh highs likely.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still firming overnight and Tuesday morning attacked 52.40 before reversing to fill the gap back down to Friday’s 50.40 close. This can qualify as neutralizing the required retest of Friday’s plunge low before a credible bottom can form. Price has already reacted back up to Friday’s 51.50 highs.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jan which trades at a 3-cent premium to Dec]… Tuesday’s inside day doesn’t confirm Monday’s break under the 4.44 sell signal. Back above 4.62 would target new highs above 5.00.