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 Dec Contract (EC, ETF: (FXE))
Monday firmed above the 1.2700 bounce limit, but stopped short of recovering 1.2750. The corrective dip can recover at any time since it is only temporary anyway, but the pattern would still prefer fresh lows targeting 1.2560-1.2585.

Gold Dec Contract (GC, ETF: (GLD))
Thursday”s probe under 1231.00 was retested Monday, so a second consecutive lower close Tuesday would confirm a new downleg is underway targeting 1167.50. A bigger bounce with potential to 1259.00 remains possible otherwise.

Silver Dec Contract (SI, ETF: (SLV))
Probing back into or through 17.25-17.40 resistance remains likely to hold while awaiting Gold”s resolution of this dip.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday”s bounce to its 142-12. minimum objective was not extended Monday. A lower close was avoided so nothing can confirm momentum reversing down Tuesday. And back aboe 142-12 would still launch a bigger corrective bounce targeting 144-14.

Crude Oil Dec Contract (CL, ETF: (USO))
Fresh lows under 80.00 essentially held 79.75 without recovering. Its break would target 75.35, but back above 81.80 would signal momentum reversing up to target 83.00, whose recovery would seal a bottom.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Monday to Friday”s 3.55. low didn”t extend down. And the reaction up stopped short of filling the gap back to Friday”s 3.62 close. Each is a reflection of pessimism, which suggests that a bottom should begin forming.