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))
Monday’s failed intraday probe above last Wednesday’s high had proved that sponsorship was lacking to resume the rally. Tuesday’s dip attacking last Thursday’s 1.0920 low suggests its correction down to 1.0750-1.0785 is underway.

Gold Feb Contract (GC, ETF: (GLD))
Last week’s dip had stopped optimistically short of testing the 1057.20-1061.50 pullback limit, preventing a lower buy signal than the 1077.70 resistance that limited its reaction. Tuesday’s deeper dip more thoroughly tested the pullback limit, which now allows a close above 1070.00 to launch a new upleg.

Silver Mar Contract (SI, ETF: (SLV))
Bouncing prematurely to as high as 14.10 would still be required to fail and produce a third lower close. Tuesday only ranged narrowly, not even bouncing, but also not producing a third lower close.

30-year Treasury Jan Contract (US, ETF: (TLT))
Monday’s reaction down that filled the gap back to last Thursday’s close was extended sharply lower Tuesday morning to 153-30. That creates a lot of room to absorb a bounce or knee-jerk reaction up to 156-29 without resuming the rally.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An early probe above 36.70 resistance was ultimately recovered Tuesday morning and extended to 38.88. A second consecutive higher close Wednesday would signal that a much bigger bounce was underway. Back under 36.70 would trigger a retest of Sunday night’s low.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Fresh lows Tuesday fulfilled the structural requirement for at least a third lower close. But potential to 1.80 was missed narrowly, suggesting that a bounce would be premature.