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))
Overnight strength tapered off ahead of Tuesday’s open. Intraday narrow action hovered narrowly above Monday’s lows, not rejecting the overnight strength, and contributing to a potential bottom. Closing above 1.1845 would signal momentum reversing up.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s recovery had stopped short of recovering the 1292.00 buy signal, which was probed overnight. Tuesday’s gap up was retraced to test 1292.00 as support. The lack of durable follow-though suggests the decline’s momentum remains intact. But closing above Tuesday’s 1296.00 high could extend the bounce.

Silver Jul Contract (SI, ETF: (SLV))
Friday’s opening dip and Sunday night’s deeper dip both were recovered intraday, which Monday night’s rally extended to test 16.63-16.65 resistance. Closing any higher would be problematic for the bounce to remain only a correction, so Tuesday’s reaction down helps to maintain the likelihood for resuming the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Still overlapping the 141-04 bounce limit Monday night persisted through Tuesday. A retest of last week’s 140-14 is likely until 142-02 is recovered.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Jul, which trades at a 5-10 cent premium to Jun]… Monday’s session long rally to fresh highs bobbled only slightly overnight ahead of Tuesday’s open, which extended initially to probe fresh recovery highs above 72.80, before collapsing back under 72.00. The pattern is still targeting 74.15–74.20.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s dip had only attacked the 2.78 sell signal. Tuesday’s gap up to the 2.85 prior high extended higher to probe fresh highs up to 2.90. Pullbacks must now hold 2.88 to maintain the next higher objective at 2.95.