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))
Fresh highs at Wednesday”s open tried to confirm Tuesday”s breakout. A reaction down on the Swiss vote news was recovered to fresh highs, suggesting that momentum is reversing up. The next confirmation would be to close above 1.2560-1.2585 before closing back under 1.2495.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s deep reaction down to the Swiss vote was recovered as quickly, but not to fresh highs. Extending higher should not be delayed Thursday if the recovery is valid.

Silver Dec Contract (SI, ETF: (SLV))
Not following-through aggressively Monday or Tuesday to Friday”s rally effort left the pattern vulnerable to a downdraft. The Swiss vote”s catalyst happily obliged, and triggered a deep intraday drop Wednesday. But it was recovered entirely and as steeply. There should be no delay to extending higher Thursday if the recovery is valid.

30-year Treasury Dec Contract (US, ETF: (TLT))
Not extending Tuesday”s gap up suffered the consequence Wednesday of gapping back down. But gaps aren”t sell signals, and no relevant support was broken. In fact, the gap was filled and 141-12 was recovered to prevent sellers from gaining any traction for their effort.

Crude Oil Dec Contract (CL, ETF: (USO))
Narrow ranging isn”t forming any accumulative pattern, keeping alive the decline”s next lower targets.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The rally resumed back to prior highs. Greeting Thursday”s EIA report from above 4.37 helps to absorb an initially negative knee-jerk reaction, but doesn”t prevent it.