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))
The initial downside objective at 1.1111 was attacked closely enough Monday night to at least push price back up within Friday’s range. And apparently only that hard, as that’s where the balance of the session ranged. Resuming the decline would next target 1.1000.

Gold Aug Contract (GC, ETF: (GLD))
[Rolling coverage forward to Aug, which is trading at a $3.30 premium to Jun] Gapping down Tuesday worked to trap Friday’s gap up that had failed to extend higher. Closing under 1259.00 would begin to signal momentum reversing down, confirmed under 1255.00. Meanwhile, even a to has room to probe a fresh high above 1272.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down slightly Tuesday was quickly held and consolidated before a late-morning surge to fresh highs at 17.46. If left intact, the rally’s next higher objective is 17.95. Otherwise, closing under 17.20 would reverse the trend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Actually probing a fresh relative high Tuesday had no reason not to extend higher, and has no reason not to continue extending higher Wednesday. Last week’s dips at least had trapped shorts, but now actually rallying must prove that sellers are done.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s dip barely touched 49.05 support before firming through the balance of the session. But it did not recover 49.85, which would start to trigger a new upleg instead of resuming the decline.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping down sharply Tuesday finally fulfilled the longstanding objective for a new low close under 3.20 that a confirmed breakout had triggered weeks earlier. Compensation for the delay suggests at least 1-2 sessions of lower lows, although not necessarily consecutive.