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 Dec Contract (EC, ETF: (FXE, UUP))
Despite spiking down to fresh lows in reaction to Friday’s Employment Situation report, the morning recovered back above 1.1760. The action is reminiscent of ongoing behavior at the same precise level during August, before the interim rally that has now been retraced. But there is no bullish reason to have retraced the entire raly.

Gold Dec Contract (GC, ETF: (GLD))
The knee-jerk reaction to Friday’s payrolls was a mini-plunge to fresh lows. It wasn’t being attempted from a position of weakness, as the 1280.50 target area had continued holding as support. In fact, it was recovered entirely by the afternoon. Almost any higher close Monday would suggest a bottom is forming.

Silver Dec Contract (SI, ETF: (SLV))
The 16.50 target was finally tested in reaction to Friday’s payrolls report probed by a dime and then recovered entirely into positive territory through the morning. The low’s retest isn’t required, but probably won’t be avoided without extending higher through Monday’s close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s knee-jerk reaction to monthly payrolls was to probe the next lower objective at 151-08/151-11. Its anticipated reaction back up stopped pessimistically short of filling the gap back to Thursday’s close. Closing negative Friday to fulfill the outstanding objective would enable a pullback to 151-18 would help to finish forming a bottom.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down under Wednesday’s 49.75 low ended the week at a new relative low, making near-term recovery unlikely without another fresh low. So, greeting the new week bouncing would likely fail.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Filling the gap back down to Tuesday’s 2.89 close was already likely. But gapping down to it Friday only extended down below it. A second consecutive lower close on Monday could prevent any near-term bottoming, let alone recovery.