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’s narrow ranging session didn’t try rejecting last week’s drop into the weekend, so suddenly rallying Tuesday would be suspicious and likely to fail.

Gold Aug Contract (GC, ETF: (GLD))
Lower lows overnight greeted had recovered much before Monday’s open, but not all as ranging intraday around Friday’s 1342.00 low threatened a second consecutive lower close that to confirm Friday’s break lower and to require an eventual third lower close.

Silver Sep Contract (SI, ETF: (SLV))
Sharply lower lows overnight attacking 19.50 were recovered before Monday’s open, letting intraday action fluctuate very narrowly around Friday’s close without confirming its break, and without requiring an eventual third lower close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s drop extended down overnight and through Monday’s open down to 170-21, but ended the morning bouncing back up to 171-22 resistance. The afternoon was spent there, too, as the relevant level behaved much more like a magnet, and much less like an inflection point. But its recovery is still able to identify a recovery underway, or not.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and extending higher through Monday’s open eventually up to test the 43.30 bounce limit. There is little room or time to further delay reversing down to resume the decline next targeting 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Not immediately recovering 2.80 at Monday’s open suggested a different bottom must form by first testing 2.71 Monday and then closing back in positive territory above 2.77. The dip held 2.71 and recovered up to 2.77, but not closing above it. So, closing above 2.80 is now required to resume the rally.