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))
Tuesday”s bounce extended the counter-trend action since fulfilling Monday morning”s duplication of Friday”s decline. And the bounce wasn”t arbitrary, testing resistance at 1.2560-1.2585. Closing above 1.2585 could launch a durable rally so long as 1.2505 isn”t broken.

Gold Dec Contract (GC, ETF: (GLD))
Yet another day of the decline”s 1167.50 target obviously influencing price action by attracting price to it. Extended narrow ranging is likely to break falsely in one direction before reversing more substantially in the other. So, back above 1172.50 to 1187.50 would be likely to launch a new downleg, but trying to decline first could form a bottom.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging hovered optimistically above the 15.65 target whose test should be retested intraday regardless of the pattern”s resolution.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Tuesday rejected Monday”s close under prior low closes. A post-open dip filled the gap back to Monday”s close before mostly recovering, mostly confirming the rejection. Closing above 141-18 is still needed to signal momentum actually reversing up.

Crude Oil Dec Contract (CL, ETF: (USO))
Closing Monday under 79.75 to confirm the 81.80 resistance test had held wasted no time extending down to attack the 75.40 target to within 50 cents. It remains in-play so long as 78.70 isn”t recovered.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite the window being open to a corrective dip while maintaining the buy outstanding signal, Tuesday morning rallied relentlessly to fresh highs at 4.18, targeting 4.25 so long as 4.10 now holds as support.