Daily Spot… Long bond’s correction goes long

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))
The reaction down from last week”s 1.1380 target was extended Sunday night. Gapping down Monday to 1.1150 ranged sideways intraday, and closing lower Tuesday would confirm a new downleg in-play — if not also that the last upleg”s bubble was popping.

Gold Jun Contract (GC, ETF: (GLD))
Choppy action initially held 1182.70 Sunday night, but Monday morning probed sharply lower intraday. It was recovered through the close, but not above 1187.00, so the greater vulnerability remains resuming the decline targeting fresh lows under 1170.00 down to 1150.00-1154.00.

Silver Jul Contract (SI, ETF: (SLV))
16.15 support wasn”t very threatened intraday Monday, and held through the close. It can still be probed by a dime before suggesting that a new downleg may be underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having gotten ahead of itself by bouncing so much so quickly from testing 153-10, there was likelihood for a pullback to at least 154-30. Monday probed it much more deeply to attack 154-00. Not recovering 154-30 Tuesday would make 153-10”s retest likely.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite last week”s pullback to the 58.65 limit ending in a Pivot Reversal, the setup did not immediately launch a rally Monday. The pullback limit did persist, but a temporary intraday dip probe under it can”t be discounted.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Abbreviating the corrective dip under 2.76 Friday in order to extend higher was then extended even higher to gap up Sunday night at 2.91. But Monday morning only ranged narrowly around Friday”s close, before dipping further into the afternoon — still vulnerable to correcting back down to 2.63-2.67.