Daily Spot

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

Dollar Basket Jun (DXM) Buyers still in control. Tuesday’s test of the 74.75 pullback limit ended with a gap up to fresh highs Wednesday. Although another dip had room down to 75.15, the rally extended intraday to almost 76.15. Now dips down to only 75.55 would still maintain the rally’s momentum, next targeting 76.40.

Gold Aug (GCQ) Two wrong-ways don’t make a right-turn. Monday’s break under 1524.00 had signaled a new downleg underway. It wasn’t decisively recovered by Tuesday’s inside day. Not even after Wednesday’s wild intraday swings, whose gap down to 1514.50 was reversed up sharply to nearly 1535.70, and then rejected down to 1519.00. The close was still testing 1524.00, instead of exploiting Tuesday’s recovery attempt, so the sell signal remains intact and next triggered under 1521.00.

30-year Treasury Sep (USU) What volatility giveth… Tuesday’s single intraday test of all three sell signals – 125’10, 124’28 and 124’18 – expended a lot of selling pressure that made the pattern vulnerable to a bounce. All three were recovered through Wednesday’s close. Now each is again a sell signal. And each should again trigger, so long as 125’20 isn’t recovered through a close.

Crude Oil Aug (CLQ) Compensating for the delay. Wednesday’ opening strength was reversed back through the 99.35 sell signal, down to 94.03. New lows validates expectations for the pattern to resolve down. Next targeted is 92.05 and then 88.75 so long as bounces hold 95.50 resistance.

Natural Gas Jul (NGN) Wrapped up with a bow. The pullback still has room and time to test 4.50 ahead of Thursday’s EIA report. Recovering to close positive, or simply closing above 4.70, would signal a new upleg underway, targeting 6.00.

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