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))
Sunday night”s knee-jerk reaction to Greece”s elections pierced last week”s low. The entire dip was recovered before regular trading hours. The balance of the session ranged narrowly sideways.

Gold Feb Contract (GC, ETF: (GLD))
An overnight dip to 1275.60 filled another gap below. Its retest after Monday”s open didn”t extend down. Back above 1285.00 would signal the break was false, and that last week”s highs would be retested up to 1309.90. Otherwise, the next lower objective is 1268.50.

Silver Mar Contract (SI, ETF: (SLV))
Lower lows overnight were recovered only temporarily, and extended down post-open to fill the gap back down to Tuesday”s 16.95 close. “Ineffectual pessimism” at last week”s highs has yet to be retested.

30-year Treasury Mar Contract (US, ETF: (TLT))
An overnight rally to 150-29 was retraced entirely by Monday”s open to range narrowly around 149-23 well through the noon hour. Potential for a corrective bounce remains alive, despite being largely fulfilled Sunday night, while awaiting a new relative low close.

Crude Oil Mar Contract (CL, ETF: (USO))
Friday”s follow-through under 46.25 support to 44.00 was reversed back to 46.25 Monday morning. It didn”t extend, but did try fighting off a second consecutive lower close that would confirm Friday”s break.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday”s opening drop filled the gap back to 2.84 that Friday”s gap up had created. It held its test, so closing back above 2.86 can now be credible for triggering an upleg, which would be confirmed above 2.96.