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 Jun Contract (EC, ETF: (FXE, UUP))
Trending up Friday made fresh highs likely Monday morning, but didn’t prevent their rejection. The gap up was maintained, just short of resistance at 1.0286.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Monday tested 2356.00, the level that had failed to support Wednesday’s reaction down from 2361.50 “higher prior lows.” Monday extended back up to 2361.50, which must be rejected Tuesday back under 1250.50 to resume the decline.

Silver Jul Contract (SI, ETF: (SLV))
Sunday night’s spike up through Wednesday’s high didn’t so much negate the Island pattern as ended it. Islands are always retested eventually, either to resume the trend or to end it. Holding the retest of Wednesday’s high would end the trend, which is the recent rally. Closing above it may seal a bottom, needing only the confirmation of also closing higher Tuesday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday was greeted by firming that threatened to end the two-day consolidation and resume the rally. The gap back to the 155-13 high remains the objective.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Monday all but confirmed Friday’s breakout from a multi-session range. If not rejected immediately, then “higher prior lows” at 53.00 are in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night was maintained into Monday’s open, exceeding Friday’s 3.27 high and extending the detour on the way to fresh lows. The next opportunity to resume the decline would come from “higher prior lows” at 3.34.