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 Mar Contract (EC, ETF: (FXE, UUP))
Flat-to-higher ranging overnight extended Monday morning to fulfill the likely 1.1485 objective. Closing above it would signal a new upleg underway. That’s likely since Monday’s extension qualifies as a second consecutive higher close above the downtrending resistance pattern that Friday had broken already.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs overnight up to 1303.70 had been retraced pre-open but largely recovered Monday. The second consecutive higher close confirms the next higher target at 1319.50 remains in-play.

Silver Mar Contract (SI, ETF: (SLV))
Probing higher overnight to 15.83 had been retraced pre-open but largely recovered intraday, at least to the 15.75 prior high’s resistance that must be recovered to resume the preceding rally. Monday’s second consecutive higher close suggests the rally is resuming anyway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s open immediately surged enough to probe 145-08 and 145-12 whose recovery through the close would suggest the correction of Thursday’s breakout had ended and momentum was reversing up.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday to 52.75 had needed to hold to maintain near-term upside potential, but extended to attack the 51.25 lower-end of the current range under 51.65. Breaking under the range would make further upside unlikely before at least a detour below.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap down probed last week’s lows and attacked prior lows down to 2.89. The Thursday-Friday recovery setup depends upon closing above 2.95-3.05 through Monday-Tuesday to maintain the bottoming pattern.