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))
Holding the 1.1450 pullback limit at Tuesday’s close was less relevant than not yet rallying that afternoon. An immediate rally Wednesday could have compensated for the delay had the pattern intended to resolve up. But the pullback extended overnight and Wednesday gapped down to a fresh pullback low. Closing back above 1.1450-1.1485 would be credible for resuming the rally.

Gold Feb Contract (GC, ETF: (GLD))
Narrow, flat ranging again on Wednesday doesn’t prevent retesting last week’s highs up to 1333.00, but it would suggest the bounce’s sponsorship was weak-handed and unable to extend higher.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s dip back down to the original pullback limit that had held initially Tuesday must hold its retest and recovery quickly to avoid a deeper corrective dip.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s reversal back down from 146-00 to the 145-16 buy signal was already being recovered to a fresh high overnight. Having originally stopped pessimistically short of its potential to 146-04, Wednesday’s retest of Tuesday’s high was likely to probe higher, which it did, but still must close above 146-04 to confirm at least a retest of last week’s 147-00 high.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially dipping overnight and reacting down again Wednesday morning was recovered into the range, in-line with having greeted the morning’s EIA report from a position of strength. There shouldn’t be much delay before converting the stability into a new rally leg.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday’s narrow ranging didn’t bounce back into “higher prior lows” so that Monday’s gap down could be neutralized from above. So, Thursday’s EIA report is not being greeted from a position of strength.