Daily Spot

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

Dollar Basket Jun (DXM) Making up for lost time. Tuesday’s gap down compensated for Monday’s bounce. Monday’s bounce was unusual for not mimicking Friday’s decline. That could have led to a bottom, but not without first probing fresh lows. Done. Now closing back above Monday morning’s 73.94 high would signal momentum reversing up. The trend otherwise remains down.

Gold Aug (GCQ) Getting ready for one more surge. Tuesday’s dip never threatened to recover 1550.00, so the rally’s momentum remains in jeopardy. Now stiff resistance at 1546.00 must be recovered, too. Regardless of the delay, sellers don’t start gaining traction from above 1533.00. Until then, the rally’s 1558.00-1560.00 target area remains outstanding.

30-year Treasury Sep (USU) Thou doth not protest enough. Monday’s probe under 124’28 was rescued by the flight-to-safety from a falling market. But Friday’s 125’09 close was not recovered. Tuesday’s fresh lows down to 124’10 were recovered to close back at 124’28. That leaves outstanding two consecutive gaps above, with four consecutive sessions of selling pressure not yet closing under a relevant low. Any initial strength would be considered a recovery attempt, capable of attacking prior highs above 125’06. Meanwhile, the pattern is vulnerable to extending down sharply.

Crude Oil Jul (CLN) Third time wasn’t a charm. Tuesday’s open under the 99.35 sell signal did extend to new lows at 97.74. But a bounce back above the two prior lows, and a spike into the close, ended the day trying to recover 99.35. The recovery from under 99.35 was similar to the two prior attempts, in which buyers also failed to gain traction. Further delaying a downleg may need to refuel sellers with another retest of 101.50.

Natural Gas Jul (NGN) The waiting game. Unless 4.85 is broken, a dip to 4.63-4.65 remains likely before the rally can resume.

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