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 Sep Contract (EC, ETF: (FXE, UUP))
Not yet reversing down Monday after having neutralized the high’s outstanding gaps did make a probe of fresh highs likely before reversing down would be credible. Resistance was tested in the 1.1510-1.1525 area. Closing back under 1.1450 would signal momentum reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Shallow overnight weakness hardly attacked Monday’s 1204.80 support before recovering to probe above Monday’s high to 1217.00. A more reliable bottom would retest the overnight lows, but closing higher Wednesday would be credible for extending.

Silver Sep Contract (SI, ETF: (SLV))
Overnight weakness was reversed Tuesday to probe Monday’s close, which had recovered 15.55-15.60 to being signaling the decline has ended.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s narrow ranging didn’t extend the decline, but still doesn’t qualify as the “warning shot across the bow” at sellers which this pattern tends to form at the end of its trend and just prior to reversing.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly sideways Tuesday would have confirmed that Monday’s dip didn’t complete the bottoming pattern, which should still test the low’s consolidation to at least 43.40 if not also slightly lower. Firming back above 44.90 instead did fill a gap, but does undermine the near-term test of the lows.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s gap up was within Friday’s range so the gap back down to Friday’s close does not require being filled. Gapping up this morning above the 2.95-2.97 buy signal was above a prior low, so retesting “lower prior highs” may be avoided. Closing above 3.05 would suggest the rally is simply extending.