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))
Friday’s session wasn’t conducive to immediately forming a market bottom, let alone to reversing up. Extending down Monday gapped open to fresh lows Tuesday that also entrench the decline and delay the next bottoming opportunity.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s rally to 1306.00 was reversed down Tuesday to 1291.50, nearly filling the gap back to last Wednesday’s close. It was recovered already intraday to fill the gap back up to Friday’s 1303.50 close. Sellers were prevented from gaining traction, while near-by attractions above and below were neutralized. There’s no requirement to break either way, but closing under 1298.50 would resume the decline.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down sharply Tuesday retested last Wednesday’s 16.35 low, which was still being tested at the close. A fresh low close would likely resume the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
The rally extended sharply higher to test 146-00 in an overnight flight-to-safety. Its pullback potential to 144-20 was already being tested at Tuesday’s open. A retest of overnight highs is possible or even likely so long as the pullback limit continues to hold. In fact, it’s just several ticks away as of Tuesday afternoon.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having broken the 71.30 optimal pullback limit last week and then extended lower, extending even lower after the weekend to 65.80 was neither required nor surprising. Any outstanding target above isn’t going to be recovered immediately, but the more timely question is whether the pullback can now end. The nearest buy signal is 67.90, and should be lowered Wednesday.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jul, which trades at a 3-cent premium to Jun]… Friday’s fresh high intraday had failed to make a new closing high, which last week’s confirmed breakout still requires. That didn’t prevent Tuesday’s gap down back to “lower prior highs” at 2.88, which should hold as support to launch a test of 3.00.