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, UUP))
Friday’s reaction down from filling the gap back to last Wednesday’s 1.1020 high still had potential to probe Wednesday’s 1.1045 before reversing down. Monday’s probe above 1.1045 wasn’t rejected by the afternoon, but now any weakness would be more credible for reversing down.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s reaction up from its shallow morning dip had stopped short of actually recovering 1077.70 to reverse momentum up. Monday reacted back down to attack Friday’s 1065.50 area low, trending down on an inside day, so closing above 1077.70 would still launch a rally.

Silver Mar Contract (SI, ETF: (SLV))
Trending down Sunday night to fresh lows wasn’t recovered intraday, confirming Friday’s breakout, and now requiring at least an eventual third lower close potentially targeting 13.55.

30-year Treasury Jan Contract (US, ETF: (TLT))
Monday’s reaction back down under 157-04 and 156-15 extended down to fill the gap back to Thursday’s 155-08 gap. No unfinished business above is outstanding, so closing under 154-30 can launch a new downleg.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing fresh lows Sunday night was already bouncing into Monday’s open, which extended higher intraday back into positive territory. A second consecutive lower close confirming Friday’s breakout was avoided. But closing above 36.70 is needed to launch a rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s confirmation of Thursday’s breakout had then required at least an eventual third lower close. Trending down already Sunday night and extending intraday Monday fulfilled the objective. But the pattern is not likely to reverse up durably immediately, not without first touching 1.80.