Daily Spot… Islands.

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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping down sharply Friday helped to confirm that Thursday did contain the corrective bounce’s peak. But the gap also created room for another slight bounce while awaiting the eventual third lower close in-play.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s runaway rally had already indicated its momentum was peaking before Friday’s open gapped down to test the 1141.50 prior highs as support. The inside day should next extend down to 1129.50-1134.00 and before filling the gap back up to Thursday’s close. Filling the gap first would be more toppy.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s rally had stopped pessimistically short of filling the gap back to Monday’s close, so Friday’s reaction down recovered entirely back to Thursday’s highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Friday formed an Island of Thursday’s gap up that had held its resistance. Filling the gap back to Thursday’s close would be bearish instead of extending down first to test 153-24 support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Friday didn’t even bother trying to invalidate the decline underway, still targeting 42.80.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s inside day gapped down to probe the same 2.56 prior lows that Thursday’s dip had recovered, ending the day hovering around it. The price action doesn’t equate to being a buy signal, but any initial strength Monday would be credible for extending higher intraday.