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 Sep Contract (EC, ETF: (FXE))

Without a requirement to trend any lower, and no necessary attraction above, Wednesday”s gap down only ranged sideways. It was actually more of an inside day A sudden bounce would still be likely to retest Tuesday”s lower open before a durable recovery leg could form.

Gold Dec Contract (GC, ETF: (GLD))

Wednesday”s narrow ranging settled positive and above 1212.00, not confirming Tuesday”s breakout close. Regardless, no buy signal triggered, nor would it have been credible. The sequence is vulnerable to breaking sharply lower Thursday — not breaking lower Thursday would re-open the door to rallying into the weekend.

Silver Dec Contract (SI, ETF: (SLV))

Wednesday”s firming was too weak to recover above Tuesday”s post-open high, leaving no actionable pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))

Tuesday”s dip had held above the rally”s pullback limit to keep alive attractions to 139-10 and 139-24 areas. Extending higher through Wednesday ”s open peaked intraday almost precisely halfway between both objectives.

Crude Oil Nov Contract (CL, ETF: (USO))

Tuesday”s deflationary plunge to my lowest calculable support at 91.00 was recovered Wednesday to attack the original 93.00 target. That $2 rally took a $2 reversal and reacted back down to attack 91.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh highs overnight up to 4.18 immediately reversed down at Wednesday”s open, holding unchanged levels until a mid-afternoon drop through the 4.08 pullback limit to 4.05. Perhaps the weakness is constructive pessimism ahead of Thursday”s EIA report. Closing above 4.08 Thursday would be bullish.