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))
Gapping up Tuesday was half the battle to proving Sunday night”s retest of Friday”s low had held. Actually closing higher, and then confirming with a second consecutive higher close Wednesday, could form a significant low.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s rally helped to confirm the recent weakness was only temporary, at least until retesting the highs to form a more durable top. A fresh high targeting at least 1310.00 remains likely, now so long as 1287.00 holds as support.

Silver Mar Contract (SI, ETF: (SLV))
Monday night”s lows were largely recovered before Tuesday”s open, and firmed further through the morning. Fresh highs remain likely so long as 17.88 holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Pre-open strength extended to attack Sunday night”s 150-29 high, but settled back into the recent narrow ranging around Friday”s high. There is room for more probes above, albeit only temporary, while awaiting another downleg — which would now be triggered under 149-12.

Crude Oil Mar Contract (CL, ETF: (USO))
Ugly economic data didn”t encourage any buying pressure, but neither did it trigger a much selling pressure. While this doesn”t equate to being a buy signal, not exploiting the excuse to decline under 46.25 does suggest that sellers are weak-handed.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up again Tuesday wasn”t any likelier than prior attempts in this range to launch a recovery. That restrained optimism does allow a break above the 2.98 buy signal to be credible for extending higher intraday Wednesday, even if only to greet Thursday”s EIA report from a position of strength that helps to absorb an initially negative knee-jerk reaction down.