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 Dec Contract (EC, ETF: (FXE, UUP))
Monday’s gap up to Thursdays 1.1300 high did probe slightly higher intraday to 1.1320, but essentially only ranged around 1.1300. Almost any initial weakness Tuesday would be credible for extending down into a new downleg.

Gold Dec Contract (GC, ETF: (GLD))
Only slight overnight weakness into Monday’s open was easily absorbed. The attempt to break under 1341.50 support wasn’t necessarily rejected, but almost any credible downleg should be obvious by Tuesday morning.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Monday was recovered to test 19.75 as resistance, but the test held and its sell signal triggered. Recovering 19.85 without delay Tuesday morning would invalidate Monday’s break, and could marginalize sellers into next week. Otherwise, fresh lows would soon be in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up only to Thursday and Friday’s highs still created an Ascending Triangle pattern targeting at least 168-22. The target’s test intraday creates a requirement either to close above it for a breakout, or to react down and continue forming a bottom.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having confirmed a breakout, Friday’s plunge to 44.25 opened a buying opportunity for that recovery. Monday’s gap up back above the 45.00 buy signal extended higher intraday to  retrace all of Friday’s drop.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Ending last week with a pullback down to “lower prior highs” had both expended and satisfied enough selling pressure to enable a new upleg to being. Closing above 3.04 would confirm..