Daily Spot… Volatility increasing, something’s coming.

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 Dec Contract (EC, ETF: (FXE, UUP))
Tuesday’s gap up was retraced Wednesday as the recent lows were probed intraday. But once again, they held their test instead of breaking lower. Closing back above 1.0600 would be the minimum requirement to signal a bottom has formed.

Gold Feb Contract (GC, ETF: (GLD))
Last Friday’s 1054.50 gap down had required a retest from above, and it was filled Wednesday. The 1049.00 low was tested, too. Closing back above 1054.50 would have sealed a bottom, but it was still being overlapped. There is on lower objective, so any initial rally Thursday would be likely to extend higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Although there was no unfinished business below, Wednesday probed under prior lows. Closing back above the original 13.97 gap down was all but required to prevent a new downelg from launching.

30-year Treasury Jan Contract (US, ETF: (TLT))
Tuesday’s 2-point surge wasn’t extended higher Wednesday, which fails to confirm it as a breakout. A fresh ihgh up to 156-12 is likely, regardless of its resolution.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Long having passed the upside potential from the recent basing, even the most bullish pattern required probing fresh lows. Wednesday’s mixture of headlines triggered that probe, so that avoiding a second consecutive lower close Thursday would fail to confirm a breakout.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Fresh lows Wednesday constitute a breakout from a multi-session consecutive range, and confirmation from a second consecutive lower close would require there eventually to be a third.