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))
Dipping overnight under Friday’s 1.1355 low to 1.1340 was recovered to open flat with Monday’s 1.1360 close. Eventually an intraday dip retested 1.1340. Lower prior highs there held, and should no longer delay resuming the rally if the rally signal remains valid.

Gold Jun Contract (GC, ETF: (GLD))
Already testing Monday’s 1285.00 low overnight, gapping down there plunged another $10 to 1275.50. The pattern qualifies as a breakout that must avoid a second consecutive lower close or else launch a new downleg.

Silver May Contract (SI, ETF: (SLV))
Gapping down Tuesday within Monday’s range didn’t break prior lows while forming an Inside Day. Closing back above 15.00 would launch a rally leg, probably requiring Gold not to confirm Tuesday’s break.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday resumed the decline that was officially signaled under 147-14 Friday after holding a test of 148-16‘s buy signal last Wednesday. The decline has room down to 145-24 while still being a pullback of the massive inverted Head & Shoulders pattern that recently launched its first upleg.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing the 63.20 pullback limit for a second consecutive session on Tuesday began choppily, eventually bouncing into the afternoon. Optimally, the rally would have resumed already to better ensure reaching the pattern’s 65.00-67.00 target area. But EIA is not being greeted from a position of weakness, so almost any strength Wednesday morning would be credible for extending higher.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Probing fresh lows again Tuesday has confirmed Monday’s breakout from a multi-session range, now requiring at least an eventual third lower close before any recovery can be credible.