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, UUP))
Gapping down Tuesday fulfilled the longstanding pullback targeting 1.0750-1.0785, Extended distribution during makes the leg less likely to be only a pullback, and likelier to extend down.

Gold Feb Contract (GC, ETF: (GLD))
Holding the 1070.50 sell signal Monday allows a close above 1077.70 to gain traction and extend higher, although Tuesday did not. Closing under 1070.50 would target 1939.00-1941.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up was suspicious since Monday’s dip to Thursday’s gap had stopped optimistically short of actually filling the gap.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping already into Tuesday’s open extended down enough to confirm Monday’s close under 154-00 that signals momentum reversing down.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s weak open contrasted with the headlines, and a morning surge above 38.00 was reversed into negative territory, which has extended to under 36.00. A pullback had this much room, but not much time before resuming the rally — if a rally is valid.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Opening lower ranged narrowly sideways Tuesday. The puside momentum hasn’t lapsed, but it should be resumed very to maintain upward momentum.