Daily Spot

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

Dollar Basket Jun (DXM) Bump in the road. Monday’s lows almost touched the 74.75 pullback limit that could be tested before a decline gains traction. The close nearly recovered from the afternoon’s new session low, to back above the morning’s low. The session nearly qualified as “ineffectual pessimism.” Any initial strength Tuesday would be credible for resuming the rally.

Gold Aug (GCQ) Drip, drip becoming dip, dip. Monday’s session finally experienced the consequence of two failures – the fresh highs whose pullbacks failed to hold 1544.00 support, and Friday’s close under the 1533.00 pullback limit. Closing under 1524.00 would signal momentum reversing down, and its intraday break was very productive. Now 1505.00 is targeted, so long as 1524.00 is not recovered through Tuesday’s close.

30-year Treasury Sep (USU) Rallying without the rally. Yet another futile attempt to recovery 125’20 failed to extend higher Monday. At least its reaction down held 125’10 as support. But the burden of proof is on buyers, so these brief bounces are considered distribution. Closing under 125’10, 124’28 and 124’18 would increasingly point down into a new downleg.

Crude Oil Aug (CLQ) Flooding the market. Friday’s close under the 99.35 sell signal extended down into Monday’s 96.13 low. The prior lows of  99.35‘s prior test were all broken, too. Closing under 96.50 would confirm new lows in-play next targeting 92.35, and 90.00, so long as bounces were to hold 98.50 resistance.

Natural Gas Jul (NGN) A little bit deeper now (repeat). The 4.63-4.65 pullback target’s lower-end was probed at Monday’s low, and held. This pullback remains likely to include a deeper dip – potentially down to 4.50 – before a new rally leg begins. That said, recovering 4.80 would get a benefit of the doubt for already extending higher.

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