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 Sep Contract (EC, ETF: (FXE, UUP))
Monday eked out a slightly higher high intraday to threaten confirming that Friday’s surge had reversed momentum up, requiring at least an eventual third higher close with potential to 1.1510. An interim dip — whether or not corrective — would be signaled back under 1.1290.

Gold Aug Contract (GC, ETF: (GLD))
Choppily eking out a slightly higher high intraday Monday threatened confirming that Friday’s surge had reversed momentum up, which would require at least an eventual third higher close having potential to 1260.00. An interim dip — whether or not corrective — would be signaled back under 1236.50.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up a little Monday held 16.50 resistance, and still avoided the 16.60 buy signal which would otherwise suggest a bigger corrective bounce underway before retesting last week’s Island pattern at the lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing Friday above the long-standing 166-12 target had not put into play higher objectives, while intraday action formed an Ascending Triangle. Room for noise above it up to 167-00 was tested Sunday night before reacting down Monday to 165-29, and likely also to test 165-16.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Surging ahead of Monday’s open only attacked the original 49.95 objective to within a nickel before weakening through the morning back to last week’s “lower prior highs.” Gapping up and trading exclusively in positive territory without maintaining a probe above prior highs is “ineffectual optimism” that often resolves down without delay.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Leaving Friday’s gap up outstanding had not reversed down sustainably into negative territory, keeping the door open to extending the rally, which was done by Monday’s probe of fresh highs.