Daily Spot

A weekly summary of high-profile members of several complexes.[pay]

Dollar Basket Jun (DXM) All out of old college tries. Thursday’s “ineffectual pessimism” was yet another opportunity for a rally to begin. But it required a close above 74.75. Instead, the drop resumed Friday and extended down sharply to 73.73. Since Mondays tend to mimic Friday’s price action, the drop is likely to extend down sharply into the new week.

Gold Aug (GCQ) Just a road bump. After recovering from an intraday test under the 1528.50-1531.00 pullback limit, Thursday’s intraday drop was confirmed to be only a correction. A shallower dip Friday was recovered to test 1548.00. The 1558.00-1560.00 corrective bounce target remains intact so long as 1535.00 were to hold any test as support.

30-year Treasury Sep (USU) Wide-ranging, but still stuck. A steep surge up to 125’29 followed the Employment Situation report. But it was all retraced to back under 124’28. Closing above 125’10 would have indicated the sell-off had not gained traction. Closing under 124’28 would now confirm a top is forming, and closing under 124’20 would signal a new downleg underway.

Crude Oil Jul (CLN) Paradigm shift? Friday’s gap down confirmed that Thursday’s intraday recovery had not gained traction. Friday’s open gapped down instead of sliding, but then repeated Thursday’s pattern of recovering back into positive territory. The open gapped down within Thursday’s range, so it doesn’t require a retest. And 99.35 held a second consecutive test as support, so sellers gained no traction. All while not joining the Dollar in its steep intraday decline. Unless Crude were to break sharply lower Monday, there would be increased potential for a bigger bounce.

Natural Gas Jul (NGN) The pause that refreshes. Having met its highest calculable targets at 4.80-4.85 Thursday, a pullback has room down to 4.63-4.65, which Friday’s 4.70 low nearly attacked.

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