Daily Spot

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

Dollar Basket Jun (DXM) Support test complete. Monday’s weakness extended into Tuesday’s session, which probed the 74.75 pullback limit. It was still being tested through the afternoon, but not probed by very much – especially not when compared to the S&P rally. Almost any probe above Tuesday’s 75.00 high would be credible for extending higher intraday.

Gold Aug (GCQ) A well-timed hype. Tuesday’s inside day gapped up, trend up, and closed while probing above Monday’s 1524.00 sell signal. Not bad considering the release of a highly-touted report calling for $5000. The session’s “ineffectual optimism” did not gain traction. Almost any weakness under 1521.00 would suggest the drop had resumed, next targeting 1505.00.

30-year Treasury Sep (USU) This is going to leave a mark. Repeated probes above 125’20 finally proved they were distribution. Tuesday’s open gapped down under 125’10 and extended sharply lower to 123’26. Bounces have room up to 124’18 without the drop losing any momentum. The next lower target is 123’04, then 121’28.

Crude Oil Aug (CLQ) A quick rebuttal to the sell signal. Tuesday’s rally retraced all of the drop under 99.35, finishing the day while still testing 99.35. Unless 100.45 were recovered, the pattern remains likely to resolve down. Closing under 98.00 would resume the decline targeting fresh lows.

Natural Gas Jul (NGN) One more day to EIA. The pullback extended slightly lower Tuesday, probing under 4.63 to come within a nickel of the optimal 4.50 objective. Recovering 4.67-4.70 would suggest the pullback had already ended.

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