Daily Spot… Pre-FOMC jitters.

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 gap up to 1.1085 still had room for noise up to 1.1100 before resuming the decline, or at least producing one more new low close. The gap didn’t extend higher, but it wasn’t yet rejected.

Gold Dec Contract (GC, ETF: (GLD))
Dipping Tuesday in reaction to Durable Goods still recovered to resume ranging around 1165.50, which must continue holding as support to launch a new upleg.

Silver Dec Contract (SI, ETF: (SLV))
Initially dipping Tuesday was recovered to resume ranging around 15.85, potentially to launch a rally to new recovery highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s gap up extended higher to test the bounce limit from last Monday’s 158-10 / 158-24 highs. The extended bounce seemed a little much and a little early to be last-minute optimism ahead of Wednesday’s FOMC policy statement. Regardless, Wednesday’s news would be greeted from a position of strength after closing above 159-02.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows Tuesday suggests the decline we’ve been tracking is becoming more widely believed. A corrective bounce becomes likelier, especially if originating from the 41.50-42.20 area.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight were recovered Tuesday morning to probe above the 2.08 bounce limit that would otherwise maintain the decline’s momentum. The bounce limit’s test reacted back down to close while testing 2.05 support.