Daily Spot

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

Dollar Basket Jun (DXM) Stuck between rocks and hard places. As it was with Friday, not rallying immediately at Monday’s open was unlikely to rally at all. So, firming momentarily was reversed quickly to Friday’s low – essentially just noise for the day. Not breaking lower Tuesday would create more potential to resume the rally, first.

Gold Aug (GCQ) It’s a start. Friday’s extension of Thursday’s plunge was extended again overnight. Monday’s session barely retested Sunday night’s lows. That hesitation might allow a corrective bounce, but it should be limited to 1507.50. The trend otherwise remains down and next targeting 1474.00.

30-year Treasury Sep (USU) This time it’s different. Monday’s session was entered without any upward momentum, despite Friday having having touched 127’00. But Friday’s close was back under prior intraday highs, robbing buyers of their traction. Monday’s reaction fell to 125’13, more for lack of new buyers than for new sellers. In other words, sellers have yet to expend energy. Closing back under 125’10 would signal they had begun, and that a new downleg was underway.

Crude Oil Aug (CLQ) Delaying the inevitable. Monday’s wide range developed almost entirely within Friday’s range. But it was otherwise essentially an inside day. So, gapping down and spending the entire session in negative territory was not “ineffectual pessimism.” It is possible to probe lower lows Tuesday.Still, Monday’s largely inside day is another factor suggesting the decline is losing sponsorship, making 88.75 increasingly likely to hold if tested as support.

Natural Gas Jul (NGN) Getting ready. Overnight weakness was recovered into Monday’s session. But the 4.28-4.32  area was not tested, nor was it recovered, to signal momentum reversing up.

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