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))
Extending through 1.2900 Tuesday suggests the decline has ended, having created a lot of room to absorb selling pressure. At least a corrective dip is likely regardless of its resolution.

Gold Feb Contract (GC, ETF: (GLD))
Monday”s inside day couldn”t further delay resuming the rally or else the downside would resume instead. Rallying overnight gapped up sharply to fill the gap back to last Monday”s close, and then extended higher to test the 1226.00-1229.00 target up to 1239.00. A second consecutive higher close isn”t common in this pattern.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s narrow range at support was likely to react up sharply without delay if a new downleg was to be avoided. Tuesday”s open gapped up back to last Monday”s close and then extended higher intraday to 17.22.

30-year Treasury Mar Contract (US, ETF: (TLT))
The recovery extended Tuesday and fulfilled its minimum objective to retest 143-00. Closing under 143-00 undermines the near-term upside momentum that otherwise has potential to 144-14.

Crude Oil Jan Contract (CL, ETF: (USO))
Coming within 20 cents of the 62.00 target could qualify as completing the prior low”s retest, but only if the reaction up is aggressive. The target should otherwise be fulfilled.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up again Tuesday suggests the decline is losing sponsorship. But it is also premature to try forming a bottom by leaving the gap outstanding back to a new low close.