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))
Gapping up Monday only touched the original 1.0655 target as resistance before reversing back to unchanged, poied to resume the decline next targeting 1.0545.

Gold Dec Contract (GC, ETF: (GLD))
Probing the 1213.00 bounce limit through Monday’s open ultimately held as resistance, keeping alive potential for a fresh low at 1196.50.

Silver Dec Contract (SI, ETF: (SLV))
Still testing and retesting the 16.62 prior low Monday won’t launch a credible recovery without first probing deeper. By the same token, delaying a deeper dip would be “ineffectual optimism,” making an eventual deeper less likely to recover, at all.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing Sunday night stopped short of 154-19 whose recovery is the minimum requirement to even consider that Friday’s break lower was ultimately absorbed. Anything shallower, and probably anything any later, is likely just a temporary correction before the recent range proves it has been a continuation pattern targeting sharply lower lows.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Russia joining the mix of recent OPEC headlines triggered a gap up Monday to resume the rally next targeting the 49.00 area (basis Jan, 48.25 basis Dec). It was attacked to within 50 cents intraday, so that pullbacks must now hold 46.40 (basis Jan, 45.70 basis Dec) to maintain the rally’s momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up again on Monday needed only to be maintained for a second consecutive higher close above 2.80 to signal momentum reversing up. While that typically becomes a rally leg, two gaps left outstanding below does suggest a rally would be premature. Dipping intraday to fill one or both gaps would now be likely to recover and to reverse up.