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))
Monday’s upward biased inside day reflects “ineffectual optimism.” Tuesday’s probe of fresh highs above 1.1800 must close back under Monday’s 1.1750 low to confirm, and back under 1.1720 would still signal the trend reversing down.

Gold Dec Contract (GC, ETF: (GLD))
Still fluctuating between 1201.50-1209.50 Tuesday has failed to break either way which would signal the next leg’s direction.

Silver Dec Contract (SI, ETF: (SLV))
Still hovering under the 14.33 buy signal without extending down is not a position of strength, and the pattern remains vulnerable to extending down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s gap down to 141-08 under all prior lows wanted to be retested from above, which became possible after having bounced into Friday’s range. That had filled the gap back to Friday’s close, neutralizing its attraction and recovery potential. In fact, Tuesday gapped down to and through 141-08 on the way to fresh lows at 140-23.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up to the 69.50 buy signal instead of only probing it intraday from below was no better at extending through it. Tuesday’s high only filled the gap back to the week-old 70.35 high close by a nickel, one of the last two semblances of upside attractions. The second is the prior night’s 71.40 high, which also doesn’t otherwise require a retest. Now closing under 68.35 would signal momentum reversing down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up to the adjusted 2.83 buy signal Friday extended higher through 2.87, filling a 3-week old gap up to 2.92. Closing higher Wednesday would help to confirm that momentum had reversed up.