Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

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Dollar Basket Dec (DXZ) Monday’s gap up well above the 79.00 signal extended sharply higher intraday to come within a dime of filling the outstanding gap back up to 79.80. This is only a minimum objective to the rally, which remains intact so long as pullbacks now hold 79.40 as support.

Gold Feb (GCG) Despite having closed Friday at 1718.00 resistance, Monday’s open gapped down to the decline’s next lower target at 1684.50 and extended to almost 1660.00. Just closing under 1684.50 next targets 1635.00, whose break would probe under 1600.00.

Silver Mar (SIH) A break above resistance without delay was needed to avoid another reaction down. But Monday’s open gapped down sharply and extended lower to test meaningful support at 31.00. Closing under it would trigger a new downleg.

30-year Treasury Mar (USH) Early overnight attempts to extend Friday’s decline failed as equity markets began falling. Monday’s gap up above 141’18 itself only firmed briefly to 142’14 as the session’s inside day left unfinished business below from the gap back to Friday’s 141’05 close.

Crude Oil Mar (CLH) Friday’s late recovery back above the 99.00-99.40 channel kept alive bottoming potential. Monday’s gap down back under the channel called it back into question. The balance of the session only ranged sideways narrowly, but no buy signal can now trigger from under 99.40.

Natural Gas Mar (NGH) Being a market that tends on Monday morning to duplicate Friday’s action, Monday’s open extended Friday’s 3.49-3.36 slide to new lows by gapping down to another new low at 3.28. The balance of the session ranged sideways and the pattern remains bearish so long as 3.42 is not recovered.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) Friday’s gap down probed positive territory briefly, but otherwise ranged exclusively in negative territory. Fresh lows Monday testing the 78.55 area should reverse up sharply into positive territory to resume the rally, which any recovery above 79.00 would signal. Closing under 78.50 would undermine the recovery potential.

Gold Feb (GCG) Thursday’s drop back to the 1708.00 prior lows already made fresh lows likely down to 1693.50 and 1684.50. Friday’s relatively shallow bounce holding 1718.00 keeps the downtrend intact.

Silver Mar (SIH) Friday’s gap up extended higher intraday to attack 32.40 by late-morning, which held through the close, stopping short of probing the resistance that got the prior week’s rally and the mid-week rally into trouble. Extending higher Monday from this patient buying would be credible for extending higher. Otherwise, another reaction down from resistance is likely.

30-year Treasury Mar (USH) Probing above the bounce’s 142’22 target was likely to react down sharply. Friday’s fresh high was only 1 tick higher, not 12 ticks to 143’04, but the reaction down to 140’28 was substantial. Closing any lower Monday would target a retest of 140’03, and its likely break to new lows.

Crude Oil Mar (CLH) Friday’s gap down from Thursday’s channel reversed up into the channel’s range, and then through it. The reversal should extend more substantially than the false break below it, potentially targeting a test of 103.00 so long as 98.75 holds as support.

Natural Gas Mar (NGH) Thursday’s failure to exploit Wednesday’s opportunity to trigger a buy signal suffered the consequence of gapping down to new lows. There is no potential for a buy signal to trigger on Monday.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) The ongoing consolidation made an effort to resume the rally Thursday. A second consecutive higher close would confirm. At least one gap outstanding above should help to resume the rally Friday.

Gold Feb (GCG) Thursday’s quick test of 1760.00 resistance was rejected sharply back to 1708.00 prior lows, which there was no bullish reason to revisit. The decline should extend through the weekend.

Silver Mar (SIH) Already testing strong recent resistance, Thursday’s probe higher was reversed down sharply. The lower-end of the range under 31.00 should be probed.

30-year Treasury Mar (USH) Despite gapping down at Thursday’s open, an intraday recovery fulfilled the 142’22 bounce target. The bounce has potential to extend up to 143’04, where a much bigger reaction down would be likely.

Crude Oil Mar (CLH) A little deeper pullback before testing fresh highs at 103.00 would still be recoverable, but Thursday’s dip was a little deep. An immediate recovery would keep 103.00 in-play, as well as its resistance. Dipping more deeply first before rallying would be more capable of extending much higher.

Natural Gas Mar (NGH) Thursday’s opening surge fulfilled the buy signal opportunity created by the attraction back up to the gap at Tuesday’s close. But it was rejected soon after filling it.A close above 3.65 would still be bullish.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) Wednesday morning’s action held within Tuesday’s narrow range before finally drifting lower into the afternoon. No relevant support was broken that might have prevented resuming the rally Thursday.

Gold Feb (GCG) An early probe above 1735.00 resistance Wednesday was absorbed by a dip back into negative territory under 1729.00. But fresh highs followed on news of more Eurozone ratings downgrade threats. A second consecutive higher close would confirm a new upleg underway, but closing under 1735.00 would be bearish.

Silver Mar (SIH) Wednesday’s session ranged narrowly around Tuesday’s close, which had held an aggressive test of long-standing resistance. The underperformance vs. Gold is glaring.

30-year Treasury Mar (USH) The 141’08 sell signal’s 140’04 objective was met Tuesday night. You wouldn’t know it from an intraday chart, which rallied up to 141’30. Closing above 141’18 reopens the door to testing 142’22.

Crude Oil Mar (CLH) A fresh low down to 100.00 reacted back up above 101.00, which was still being tested through the close. The pullback was not damaging enough to prevent extending the rally for a test of the 103.00 area.

Natural Gas Mar (NGH) Wednesday’s gap down rejected the recovery opportunity that was created by Tuesday’s bounce. Wednesday’s close at prior lows created another opportunity. The gap back to Tuesday’s close may try to attract price higher, but a close above 3.57-3.60 is still the minimum requirement for triggering an upleg.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) Tuesday’s inside day wasn’t predictive, except that it did not reject Monday’s recovery from having gapped down. Still potential to resume the rally.

Gold Feb (GCG) Gapping down to the 1718.00 objective Tuesday extended lower immediately into a range supported by 1708.00. A complete recovery into the close tested 1731.00, possibly sponsored by impatient buyers. Potential for another downleg unless 1735.00 were recovered.

Silver Mar (SIH) Recovering from Tuesday’s gap down expended a lot of energy only to close back into the prior three sessions’ resistance — not above it. Extending higher above 33.27 without delay would be credible for launching a new upleg, but any lesser strength will likelier retest Tuesday’s 31.90 gap open.

30-year Treasury Mar (USH) The opportunity to retest 140’18 support was largely fulfilled Tuesday, but not entirely. The outstanding attraction should help to maintain weakness into Wednesday’s open for potentially also testing 140’04. Closing above 141’18 instead would be bullish.

Crude Oil Mar (CLH) Tuesday’s range was probably subdued by the Dollar’s inside day, but the pattern remains likely to test the 103.00 area.

Natural Gas Mar (NGH) Having retested the 3.47 low, closing above 3.57-3.60 would trigger a new upleg targeting at least 3.71. There is otherwise no buy signal.

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