Daily Spot… Crude drop strikes oil.

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))
Gapping up Friday and ranging sideways kept alive the corrective bounce. Its potential to 1.1095 remains intact so long as 1.0910 holds any test as support.

Gold Aug Contract (GC, ETF: (GLD))
[Rolling coverage forward to Aug which trades at a 50-cent premium to Jun]… Friday”s blip-up in reaction to GDP was reversed immediately back into this week”s narrow range, all but confirming that the prior three sessions were not accumulative, and that lower objectives remain outstanding.

Silver Jul Contract (SI, ETF: (SLV))
Blipping up in reaction to Friday”s GDP didn”t extend higher. as lower objective remain outstanding in the 16.15-16.35 area.

30-year Treasury Sep Contract (US, ETF: (TLT))
[Rolling coverage forward to Sep which trades at a 1-18 discount from Jun]… Friday”s gap up attacked Thursday”s gap up, a little more successfully by extending through its 155-14 opening high to 155-27. But the probe quickly settled into narrow ranging around 155-14. The next higher objective in the context of only a temporary corrective rally can now be calculated as 156-16/156-24. Otherwise, back under 154-20 first would signal the bounce had ended already.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s late bounce had not ended the trend, but it did jeopardize its near-term momentum, making it vulnerable to a bounce. Despite retracing overnight firming before Friday”s open, a post-open $2 surge tested the original 59.75 sell signal, and then extended higher to attack 60.80. Just closing above 60.30 is now vulnerable to a bigger detour on the way down to 55.00 — which would be back in-play by closing under 58.15.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The next lower objective under 2.86 at 2.64 was tested Friday, and still being overlapped through the afternoon. The lower close also confirmed Thursday”s break from a mult-session range, so at least a third lower close is required eventually. And that would necessitate closing under the 2.64 objective, putting into play something lower. That something lower could be very much lower if a bottom isn”t forming here. So a bottom depends upon limiting a fresh low close to only a single session, and then immediately recovering above 2.67.