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 gap up and surge to fresh recovery highs was the inverted Head & shoulders second breakout attempt. A second consecutive higher close to confirm would be helpful, but not necessary, so long as reactions don’t break back under a relevant support. Monday’s gap up didn’t extend, but its reaction held Friday’s intraday lows to maintain its upside momentum.

Gold Jun Contract (GC, ETF: (GLD))
Greeting Monday’s open under Friday’s lows did hold a test of the two-week old 1285.00 low that had launched the interim rally to 1315.00. Back above 1295.00 would signal the retracement was done and momentum is reversing back up. Otherwise, a fresh low close on Tuesday would be difficult to recover this week.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s drop gapped down to Thursday’s 14.85 low and consolidated, but surged out of the morning back up to Friday’s 14.98 close. The gap down doesn’t require being filled because it overlapped prior prior action. Closing above 15.00 would signal the drop had likely ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
Narrow unchanged ranging persisted from Sunday night through Monday, barely attempting to reject Friday’s break lower from Thursday’s dip. Bounces are likely to fail.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 63.00 pullback limit that was attacked Thursday to within 20 cents, was probed briefly Monday. Interim price action had filled the 65.00 gap, so closing lower would threaten the 62.00 sell signal.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Despite avoiding fresh lows into the weekend, the weekend’s exit probed new lows. Sunday night gapped down to prior lows and Monday morning trended lower. No immediate recovery attempt would be credible for extending.