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))
Duplicating Friday”s downtrend on Monday morning wasn”t precluded by gapping up. The balance of the morning still could have trended down, and that could have been a bullish setup. So, it”s not bullish that the opportunity wasn”t exploited instead of already rallying throughout the day. A retest of the 1.2515 low remains likely.

Gold Dec Contract (GC, ETF: (GLD))
Monday”s gap up extended higher throughout the day. But it remained within Friday”s range, forming an “inside day” that is likely to resolve bearishly by resuming the decline to its 1167.50 target.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday extended higher to fill the gap back to Thursday”s close. Without closing higher, the recovery only neutralized the attraction above which no longer inhibits extending down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday”s firming back up to 139”25 proved that Friday”s muted reaction to the Employment Situation report suggests the market intends to retest recent highs.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows Monday were retraced back into positive territory. It”s not a buy signal, and doesn”t prevent probing lower lows. But the price action does suggest that selling sponsorship needs only near-term rewards to satisfy it.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday”s recovery from 3.91 to close above 4.01 was retraced entirely by gapping down Monday to test 3.91 support. Closing back above 3.93 would signal the drop had been absorbed.