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 Mar Contract (EC, ETF: (FXE, UUP))
A second consecutive higher close Tuesday, preferably above 1.1470, would confirm the basing pattern was launching a rally. Probing above 1.1470 overnight wasn’t repeated intraday, but the higher close held, so any early strength Wednesday would be credible for trending higher.

Gold Feb Contract (GC, ETF: (GLD))
Holding the intraday test of 1237.00-1240.00 was likely to retest the range’s 1255.00 upper-end, which was done overnight. Tuesday’s intraday range hovered under resistance, now able to launch a downleg under 1240.00 alone.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s probe above 14.71 didn’t extend into a rally, while an attraction to the gap outstanding at 14.83 hasn’t been rejected.

30-year Treasury Mar Contract (US, ETF: (TLT))
Hovering at the 143-08 buy signal Monday resolved up aggressively. A surge to 143-22 was retraced entirely back down to 143-08 where a gap had formed, which launched a bigger bounce up to 144-00. A second consecutive higher close Wednesday would confirm a bigger rally leg underway. Meanwhile, Wednesday’s FOMC policy statement is being greeted from a position of strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing basing pattern was already more than one week overdue to launching a rally without having to break lower first. Tuesday’s flash crashes under 50.00 attacking 46.00 more than compensate for the delay — while also making a near-term recovery unlikely. But bounces have room up to 48.55 if the breakout won’t be confirmed.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to Friday’s 3.81 close only neutralized the attraction back to its gap, while creating a new one below at Monday’s close, and still allows room down to 3.33 while forming a bottom.