Daily Spot… Hut, hut, hike?

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))
Tuesday”s close under 1.1075 was retraced ahead of Wednesday”s FOMC news, which triggered a spike up to 1.1120 resistance. Not rejecting its recovery would target 1.1220 (not 1.2250) before another sell signal could be considered.

Gold Dec Contract (GC, ETF: (GLD))
Recovering Tuesday back above the 1112.00 pullback limit despite Silver”s problem meant Gold intended to resume its rally. Gapping up Wednesday to last Wednesday”s high and trending through it to test 1131.50 helped to confirm the 1144.00 target remains intact. Now the 1121.50-1125.50 consolidation at last Wednesday”s “lower prior high” must hold as support to maintain the rally”s momentum.

Silver Sep Contract (SI, ETF: (SLV))
Coming within 2 cents of its 14.65 pullback objective Tuesday proved sufficient to at least try resuming the rally. Wednesday”s gap up extended sharply to and through 14.90 whose recovery suggests the rally has resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Similar to testing the 158-26 buy signal only temporarily intraday Monday, Wednesday morning probed under the 157-14 sell signal before reacting back up through it to retest 158-26.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Identifying a buy signal Tuesday also meant the decline must resume with little further delay if it were going to resume at all. Wednesday”s fresh lows testing 40.45 now need only a second consecutive lower close to confirm 37.15 is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report is being greeted from a position of weakness at or under 2.70-2.73, with a third lower close being likely.