Daily Spot… China rocks.

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 Sep Contract (EC, ETF: (FXE, UUP))
Extending down even more sharply on China’s interest rate moves has now produced a second consecutive lower close confirming Thursday’s breakout. Bounce potential is still 1.1180, if not 1.1140. But at least an eventual third lower close is now required.

Gold Dec Contract (GC, ETF: (GLD))
Surging in reaction to China’s moves sent price through 1173.50. But 1180.00 was only attacked and not recovered before optimism disappeared. The 1165.50 pullback limit was tested down to 1160.00. Immediately recovering 1165.50 would be likely to extend higher. The pullback is otherwise likely to test 1155.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Friday and extending to 16.10 was reversed back into negative territory at 15.70. That was early and the balance of the session ranged narrowly around 15.85 to keep alive potential for launching a new upleg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s gap down to fresh lows testing 156-16 compensated for the delay of Thursday’s redundant test of the bonce limit. But a second consecutive lower close confirming the trend change is still required.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not terribly dissimilar to Thursday, Friday initially firmed in reaction to China’s economic nudging, but still reversed down to extend the trend reversal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Friday precluded there being an immediate durable recovery. The open’s gap must still be filled after bouncing back up to “higher prior lows,” assuming the drop even tries to end. Which trending down after the open didn’t suggest.