Daily Spot… Naturally gassed 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))
The 1.1250-1.1275 bounce limit was shallow, but overnight firming was shallower. Thursday”s intraday high was even shallower. That”s pessimism and it suggests that a bigger bounce may be necessary before a deeper drop can begin. Dropping before another bounce should be short-lived.

Gold Aug Contract (GC, ETF: (GLD))
Very narrow ranging Thursday avoided rejecting Wednesday”s close under its prior low. Fresh lows remain likely, targeting 1158.50.

Silver Jul Contract (SI, ETF: (SLV))
Very narrow ranging continued to undermine the momentum of Tuesday”s break lower, while not reversing it. A fresh low is possible, but not yet likely to extend.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing above Monday”s 149-24 close Wednesday only suggested that sellers were done, but closing above 150-08 is still needed to signal momentum has reversed back up. Thursday”s choppy inside day can”t afford to delay rallying early morning, or else fresh lows become likely.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down a little and ranging narrowly Thursday didn”t reject Wednesday”s close back under 60.70 support. The pattern isn”t distributive, so I don”t have a sell trigger, but probing fresh lows is likely if Friday”s open isn”t almost immediately rejecting and recovering the two-day dip.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday extended to 2.83 ahead of the EIA report. Its reaction down attacked 2.77 to within 1 cent before reversing back up to fresh session highs testing 2.85. Pullbacks must hold 2.83 to maintain the rally”s momentum, which still needs a second consecutive higher close Friday to confirm.