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))
Monday”s gap up to 1.2495 resistance was rejected overnight to gap back down Tuesday under Friday and Sunday night”s ~1.2420 lows. The outstanding retest of the 4-week old 1.2360 low remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Tuesday consolidated under 1200.00.Back above 1206.50-1207.00 would signal the bounce targeting 1226.00-1229.00 had resumed. The pullback otherwise has further room down to 1187.00 before starting to suggest a retest of Sunday night”s lows underway.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s gap down ranged sideways intraday just under 16.50. Back above 16.62 would signal a retest of Monday”s high to 17.05 underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from Monday”s fulfillment of the 143-00 target tested 141-04. That is the 61.8% retracement of the original 140-00 buy signal. The retest of 143-00 should begin without much delay, confirmed above 141-18. Closing first under 140-20 would signal new lows in-play instead.

Crude Oil Jan Contract (CL, ETF: (USO))
The corrective bounce off of Sunday night”s sentiment extreme still targets 70.85-70.90 so long as pullbacks hold 66.45-67.55. Tuesday”s dip tested the pullback limit.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday”s second consecutive lower close confirmed Friday”s break under uptrending support, requiring at least a third lower close eventually. Tuesday already fulfilled that minimum requirement. The pattern nonetheless remains vulnerable to lower lows unless 4.00 is recovered.