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))
Monday’s gap down to 1.1820 all but confirms that Friday’s picot reversal-like pattern has overwhelmed the corrective rally whose next higher objective is otherwise 1.1970.

Gold Dec Contract (GC, ETF: (GLD))
Monday didn’t reject Friday morning’s surge through 1296.50. But gapping up didn’t extend higher, and instead dipped back down to Friday morning’s high. But there’s still room down to 1296.50 before reversing momentum down.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday to test 17.59 was retraced back down to Friday’s 17.37 high. Closing under 17.30 would reverse the trend back down at least for a correction down to 17.00.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging Monday held the 153-14 level whose recovery Friday all but confirms the bottom has fully formed and already reversed the trend up.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Monday to test 52.35 was reversed through the morning for a shallow pullback. The 3-week old 52.65 gap up above all prior highs still require a retest, which is likely on this leg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Essentially meeting both corrective bounce targets at 3.00 and 3.04 last week, Sunday night’s slide greeted Monday’s open back at 2.92. This puts into play a retest of 2.89, for which there’s no bullish reason to retest — only to break lower targeting 2.84.