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, UUP))
Tuesday’s bounce was duplicated Wednesday by gapping up through 1.0900 and probing a fresh high above 1.1040. The shallow interim pullback and consecutive gaps up suggest the retest of last week’s high will hold and reverse back down more substantially, instead of trending up.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Wednesday above 1077.70 to test 1085.00 was reversed back down to Tuesday’s 1070.00 opening gap down. The close was trying to recover 1074.00, keeping alive the upward momentum.

Silver Mar Contract (SI, ETF: (SLV))
Reacting up Wednesday from Tuesday’s dip back down to the original 14.10 buy signal was itself retraced, after attacking 14.35 resistance. Back above 14.35 would be bullish.

30-year Treasury Jan Contract (US, ETF: (TLT))
Probing Wednesday well under the 154-12 pullback limit down to 153-24 was nonetheless recovered intraday back into positive territory up to 155-25, still targeting a fresh high at 156-12.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting favorably to Wednesday’s EIA report up to 39.00 was only temporary, as unfinished business remained outstanding below at Tuesday’s 36.71 gap down. Already attacking it Wednesday to within 20 cents instead of extending higher reflects a lot of pessimism, which is potentially bullish from a contrarian perspective.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The pattern isn’t greeting Thursday’s EIA report from a position of strength, still hovering off of the lows. But no “unfinished business below” remains outstanding.