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))
Gapping down Monday suggested that Friday’s close above 1.1255 was not actually resuming the rally. Closing under 1.1235 would confirm, by signaling momentum is reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Probing fresh highs Monday on geopolitical concerns in the Gulf didn’t run higher, and the session ultimately tested April’s “higher prior lows” around 1284.00. Closing higher Tuesday — if not just avoiding a negative close — would suggest a probe above April’s highs is underway.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s probe above Friday’s high qualifies somewhat as a breakout. Simply avoiding a reversal down Tuesday would make the 17.90 attraction above likely to be tested next, regardless of the pattern’s ultimate resolution.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having fulfilled its longstanding target in the 154-00 area on Friday — and then extending well beyond it through the close — there is room for a pullback to test 154-00 as support. If tested, then trapping shorts would be a function of its reversal. The more abrupt and substantial, the likelier that new highs are in-play.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Geopolitical unrest in the Gulf triggered overnight gains but they were retraced entirely into negative territory. Monday’s dip under Friday’s lows didn’t extend, perhaps a little too shallowly to be confident that shorts are trapped, but not still credible for a bottom if Tuesday were to follow-through with the reversal. Otherwise, the downtrend remains intact.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Momentarily probing a fresh low Monday down to 2.93 doesn’t change whether a bottom is forming, because the selling pressure was too nominal to have trapped shorts, despite recovering into positive territory. There is no new signal..