Daily Spot… Crude Oil target met, Euro traps shorts.

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))
Tuesday”s gap up above Friday”s highs was retraced overnight to test the 1.0585 pullback limit at Wednesday”s open. It was recovered to probe Tuesday”s highs around 1.0700, keeping alive potential to the 1.0850 area.

Gold Jun Contract (GC, ETF: (GLD))
Lower lows Tuesday night didn”t extend and Wednesday”s open was still overlapping 1194.50 to suggest the pullback was only temporary. Intraday highs attacked 1203.00, so that extending above 1205.00-1208.50 Thursday can launch a new upleg.

Silver May Contract (SI, ETF: (SLV))
Choppy sideways Wednesday ranging held the 16.02-16.10 support that had held Tuesday, bouncing back above 16.30. Closing at least within the 16.45-16.60 range would begin suggesting the decline had ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
An early dip Wednesday probed momentarily under 164-04 before recovering bouncing to test and retest 165-00 resistance, supported by Tuesday”s 164-08 low. Another dip under 164-04 should gain traction and extend.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending higher overnight probed last week”s highs Wednesday above 54.00. That extended higher already to its 56.00 target. The rally might have gotten ahead of itself, so pullbacks must hold 55.20 to maintain the upward momentum. Closing back under 53.00 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up again Wednesday fully exploited its room to 2.60, probing a couple of pennies above it. A pullback should now precede a more substantial rally leg. Thursday”s EIA report isn”t being greeted from a position of weakness, so an initially negative knee-jerk reaction down should recover.