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))
Friday’s recovery of its gap down wasn’t validated Monday, as price dipped back under 1.1265 again. While a second consecutive lower close would be helpful confirmation, an aggressive drop would be appropriate, and much better confirmation of a new downleg underway.

Gold Dec Contract (GC, ETF: (GLD))
Opening weaker Monday to extend Friday’s reaction down extended to probe 1311.00, as no more backing-and-filling should be needed to extend to the 1296.00-1297.00 target.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s opening slide probed last week’s low to test 18.75, presumably resuming the decline targeting fresh lows under 18.45.

30-year Treasury Dec Contract (US, ETF: (TLT))
Recovering from Friday’s close back under the 168-22 pullback limit needed Monday’s open to gap back above it, which it did not, instead of probing lower, which it did. But probing lower was still ranging around Friday’s intraday lows, preventing momentum from reversing down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The outstanding 49.00 target was attacked overnight to within 13 cents, but that overnight high wasn’t retested until Monday afternoon. While this fulfills the rally’s objective, it could extend so long as pullbacks now hold any test of 47.95.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s lower close had already made the next lower gap likely to be filled, which was done at 2.81. Turning positive into the close does allow a retest of Monday’s low to hold Tuesday which would form a bottom.