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))
Wednesday”s dip to 1.1400 can suffice as a pullback limit after Tuesday already confirmed Monday”s breakout. But any follow-on weakness Thursday morning should be recovered and reversed up into the close instead of gaining traction.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday”s drop didn”t extend down Wednesday, which gapped up a little Wednesday but reversed back down from testing 1272.50 resistance. Fresh lows remain likely.

Silver Mar Contract (SI, ETF: (SLV))
Firming Wednesday after the recent lack of volatility doesn”t endorse the bounce as necessarily extending. The noise is still likely to resolve down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday and extending down to 148-18 tried confirming Tuesday”s break under the 149-14 sell signal. But its recovery back into positive territory above 149-14 undermines the drop, and leaves the door open to backing-and-filling up to 150-12 and 150-26.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Tuesday”s surge through 54.00 obviously got very much ahead of itself, as Wednesday”s reaction fell back to the 48.00 buy signal. It might even extend down to 47.35, which would be almost too deep to reverse the trend down. Back above 49.95 would resume the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday”s dip avoided confirming Tuesday”s breakout, which prevents greeting Thursday”s EIA report from a position of strength. Bottoming potential remains intact, but not yet triggered.