Daily Spot… Fed, up.

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))
With no excuse for further delaying the rally’s resumption, Thursday’s open gapped up to the range’s upper-end and the session extended higher. It eventually surged in reaction to the FOMC non-decision, fulfilling the requirement for a third higher close. Momentum remains intact so long as 1.1365 now holds as support.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s low utilized all but 20 cents of room for a pullback to 1114.50 before being likely to resume the rally. The FOMC reaction did spike up to test 1131.00, now requiring pullbacks to hold 1126.00 as support.

Silver Dec Contract (SI, ETF: (SLV))
Initially dipping Thursday didn’t threaten the 14.65 pullback limit before reacting up sharply to the FOMC statement, testing 15.25. Pullbacks must now hold 15.10 to maintain the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Already having fulfilled its third lower close Wednesday, Thursday eventually firmed ahead of the afternoon’s FOMC events. Then it surged and extend higher to test 153-16. Since a fresh low was avoided intraday, closing above 152-30 allows a bigger rally to get underway.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
No matter the margin by which Wednesday’s gap up extended through 46.00, lacking a second consecutive higher close Thursday could be very bearish.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report while attacking the ongoing channel’s lower-end wasn’t a position of weakness, but it wasn’t enough to prevent a knee-jerk reaction to fresh lows. That knee-jerk reaction recovered back up into the range, potentially forming a bottom — at least, making any initial firming Friday likely to extend higher, but requiring a close above 2.68-2.70 to reverse the trend up.