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 down extended sharply through the open to test 1.0725. So long as 108.30 holds as support, the next lower objective in-play is 1.0655.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness extended down intraday to 1211.00. Bouncing $7 into positive territory at 1231.00 then reacted back down to close in negative territory. The next lower objective is 1196.50, with some potential support at 1206.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Monday extended sharply lower through the morning to 16.62, is all the allowable room for noise on a retest of last months’ 17.11 overnight low. Any lower — especially through the close — would suggest a much deeper drop underway. It’s premature for a bottom to begin forming, but a steep temporary corrective bounce is possible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dropping Sunday night more than 2-1/4 points to 152-24 was recovered almost entire before Monday’s open, but still gaped down to 154-00 and dipped less deeply intraday. The gap back up to Friday’s close held when another bounce filled it. It’s not premature for a bottom to begin forming, but it’s too soon for a recovery to begin.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s open gapped down and probed fresh lows to 42.20. Bouncing back up to unchanged and higher has created an opportunity to bottom. Any strength above 44.15-44.30 would be credible for reversing momentum up.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up and extending to 2.78 Monday stopped short of 2.80, which would actually signal momentum reversing up. Filling the gap back down to Friday’s 2.62 is now required before a durable bottom can form.