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))
Filling the gap back up to Monday’s open (circled green) is not arbitrary, since the interim low touched Friday’s “lower prior highs” (red highlight). Now a corrective drop may begin forming, if not a top.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s gap and test of Wednesday’s high didn’t extend higher Tuesday, and held 1261.50 “higher prior lows”  (circled green). But now more relevant than 1256.00 support is the 1252.00 inflection point whose break would launch a new downleg.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday morning initially extended Monday’s break above last Wednesday’s high, but only temporarily as the session dipped back into negative territory. Not confirming the break would be unusual in this pattern, and consequently bearish. Otherwise, the pattern may begin behaving as if May’s retraced dip has sealed a bottom.

30-year Treasury Jun Contract (US, ETF: (TLT))
Last Wednesday’s 154-12 high was touched again for the first time since the intervening consolidation. Its break would signal the 155-13 objective above is in-play. There is little excuse to further delay the rally.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
While Monday’s confirmation of Friday’s breakout now requires at least a third eventual higher close, Tuesday did not so much extend the rally as sustained it. There is potential for extending to test 53.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s attack of 3.34 “higher prior lows” to within a penny reacted down Tuesday, testing 3.25. Its break would signal the decline targeting fresh lows under 3.11 and lower is underway.