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 Mar Contract (EC, ETF: (FXE))
Surging Wednesday up to 1.8555 was in-line with the potential short-squeeze setup that was forming. It retraced down to 1.7775, suggesting that the market remains very bearish.

Gold Feb Contract (GC, ETF: (GLD))
As with Tuesday”s buyers that gained no traction for Tuesday”s efforts, Wednesday”s temporary probe of fresh highs overnight was rejected back down under Monday”s 1233.50 close.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down slightly Wednesday was enough to break back under 16.95. Closing under it was not going to be as easy, but its consequence continues to be an eventual test of the lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday”s retracement back up to 148-23 kept the door open for a brief probe above 150-00, which was done Wednesday by an early surge to 150-10. Closing back under 148-28 would signal the rally had ended.

Crude Oil Feb Contract (CL, ETF: (USO))
Tuesday”s failure to confirm Monday”s breakout gave Wednesday room to firm. But 47.45 must be recovered to signal the trend has reversed back up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday”s bounce to within 1 penny of the 2.98 buy signal extended higher overnight to gap up Wednesday at the prior rally”s 3.07 buy signal. And the prior buy signal”s test of its minimum 3.22 target was exceeded, presumably on the way to the maximum target at 3.29. Regardless, this upleg should be corrected significantly.