Daily Spot

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

Dollar Basket Jun (DXM) Extending the corrective bounce. Thursday’s recovery extended sharply higher Friday. This does not change that Tuesday’s low formed an Island that will need to be retested eventually. But the bounce would meanwhile target 76.40, so long as 74.75 were to hold as support.

Gold Aug (GCQ) Bigger break confirms the corrective bounce is ending. Thursday’s rally out of its 1533.00 pullback limit signaled the rally had resumed. But its new 1544.00 pullback limit was still being tested at the close. The test failed as Friday plunged down to 1526.70. Post-close action was retesting 1533.00, but only 1544.00‘s recovery can resume the rally. Closing under 1524.00 would next target 1505.00.

30-year Treasury Sep (USU) Trying too hard. Despite rejecting Thursday’s gap up, Friday’s open gapped up again to probe 125’20-126’00. Without probing prior highs, the bounce could not gain traction, and 127’00 is not in-play. Closing under 125’10 would trigger a new downleg underway.

Crude Oil Jul (CLN) Sellers getting a benefit of the doubt. [Returning coverage to Jul] Two days spent testing the 101.50 bounce target resolved down with Friday’s drop. A bounce off of 98.60 intraday lows was still testing the 99.35 sell signal through the  close. Recovering back above 100.50 would signal the failure of yet another sell-off attempt, putting into play fresh highs above 102.50. Otherwise, any fresh low would likely to extend down.

Natural Gas Jul (NGN) Still unfinished business below. Friday’s bounce seems not to have learned Thursday’s lesson of excessive optimism. The 4.63-4.65 pullback limit hasn’t yet been fully tested, let alone potential down to 4.50. Further weakness remains likely.

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