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))
Gapping down Monday to close under support qualifies as a breakout, not confirmation of Friday’s intraday reversal that had also contained a fresh relative high. A second consecutive lower close Tuesday would confirm a new downleg underway, likely targeting fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Recovering from a fresh low testing 1317.00 before Monday’s open didn’t change that Wednesday’s confirmed breakout requires at least an eventual third lower close. The leg itself is likely targeting 1296.00-1297.00.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s confirmed breakout requires at least an eventual third lower close, helping to absorb Monday’s initial strength and keep alive the decline’s momentum. Its 17.35 target was attacked to within 2 cents overnight before bouncing through Monday morning, which may have robbed the decline of near-term momentum.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s close under the prior week’s lows was followed by gapping up Monday back above the prior week’s lows. Extending higher through the noon hour probed above 171-22, and closing above it could invalidate the break. But 172-15 must be recovered through the close to avoid fresh lows under 169-30.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday helps to confirm 48.35 resistance held its test on Friday. But closing under 46.60 is still needed to signal momentum extending down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Monday comes from a position of strength, after Friday’s unnecessary higher close. Gapping down, even slightly, creates new “unfinished business above” back up to Friday’s close, which can at least impede attempts to reverse down. But closing under 2.84 would likely test 2.78, whose break would trigger a deeper detour down.