Daily Spot

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

Dollar Basket Jun (DXM) Light at the bottom of the well. Tuesday’s opening gap down extended intraday to 74.92, and the decline from last week’s rally to the 76.40 target still appears to be a corrective dip. During Tuesday morning’s Market Tour we looked at the likelihood for extending the pullback down to 74.75 or 74.55. Their test would be optimal both for ending the pullback, and for launching a new rally leg.

Gold Aug (GCQ) Noise. Profitable noise. Fluctuation continued probing 1544.00 above, this time up to 1549.00 intraday. Closing above it put into play the 1558.00-1560.00 target, which must be confirmed by also closing above it for a second consecutive day. Regardless, there is not currently a compelling pattern in this market.

30-year Treasury Sep (USU) Weak sellers overcoming weaker buyers. Although Monday’s reversal into negative territory had held its test of 125’20 support, Tuesday’s lower low down to 125’07 did not. In fact, a bounce up to 125’30 was rejected to close several ticks under 125’20. Closing under 125’10 would confirm another attempt underway at a downleg.

Crude Oil Aug (CLQ) Teasing at a bottom. Tuesday morning’s bounce up to 95.10 stopped short of recovering 95.50, which would have otherwise signaled momentum reversing up. The close was still testing 93.50 as support. Closing under it would have undermined the bottoming potential. Not recovering it decisively doesn’t reinforce the bottoming potential, either.

Natural Gas Jul (NGN) Resisting its laurels. An intraday probe of fresh lows under 4.32 that recovers to close above 4.38 would be optimal for ending the pullback and reversing momentum up. Tuesday’s close was trying to recover 4.38, but it did not form a bottom or trigger a reversal. No other bullish pattern has yet formed.

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