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))
Probing above 1.2460 resistance to test 1.2495 didn”t stop there, and extended higher to 1.2534. Having originated from an incomplete base, the bounce is likely to fail. Back under 1.2495 would start to suggest as much. But another higher close at this stage of the pattern would be bullish.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging Wednesday didn”t reject the rally, but undermined its momentum, which is not optimal for the rally at this stage of the pattern.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Wednesday didn”t reject the rally, but undermined its momentum, which is not optimal for the rally at this stage of the pattern.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 142-12. inflection point finally breathed enthusiasm into the repeated probes above 141-14, already extended to 143-16. Now pullbacks should hold 142-28 to maintain the 144-14 objective.

Crude Oil Jan Contract (CL, ETF: (USO))
Fresh lows fulfilled the rest of the 73.25-74.00 target that had only been pierced through Tuesday. The next lower objective is 72.05 so long as bounces now hold 74.45 as resistance.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Initially firming a dime up to 4.50 reacted down intraday to 4.33, still managing to hold 4.40 (4.25 basis Dec) through the close to maintain the recovery”s momentum.