Daily Spot…

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 Mar Contract (EC, ETF: (FXE, UUP))
Gapping up slightly Monday without yet probing back into the 1.0750-1.0785 range suggests that buyers are impatient. The “ineffectual optimism” is potentially bearish from a contrarian perspective, but should attract new sponsorship Tuesday to extend the bounce any higher if the decline remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up above 1100.00 did what Friday’s session could have, which suggests that buyers are patient. That’s potentially bullish from a contrarian perspective, but it doesn’t allow any further hesitation beyond Tuesday’s open to extend higher and to produce the outstanding minimum required third higher close — probably more than a third higher close, considering the extended interim pullback.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up from Friday’s recovery to 14.10 now makes 14.10 support. It also allows no hesitation or at least only brief pullback before extending higher Tuesday to confirm Monday’s breakout. Otherwise, the next dip would be unusually likely to trend down below the current basing range.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping up Monday only ranged around 159-26 without either extending higher or reacting down. The pattern’s “ineffectual optimism” suggests that Friday’s pullback low will be retested before a more substantial rally would become likely.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending back down Sunday night prevented confirming Friday’s surge as a breakout, while failing to recover back above the 30.95 resistance that had triggered Friday’s surge.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Initially gapping down Monday attacked last week’s lows down to 2.08 before recovering up to 2.17. But 2.21 must be recovered to launch a rally leg.