Daily Spot

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

Dollar Basket Jun (DXM) Upper-end, meet lower-end. The upper-end of the range at 76.15-76.30 finally said “farewell” Tuesday. The Dollar dropped back down to the range’s 75.45 lower-end. The lower-end could expand down to 74.55-74.75, too, before a durable rally leg can begin.

Gold Aug (GCQ) Pausing for the decline to catch its breath. Three consecutive sessions of substantial intraday drops were likely to correct Tuesday, presumably up to 1507.50. The bounce target was met within 50 cents, and could still extend up to 1515.00. Back under 1494.75-1496.75 would resume the decline, next targeting 1474.00.

30-year Treasury Sep (USU) Support melting like buttah. Monday’s close under 125’20 wasted no time Tuesday extending down under 125’10, 124’28 and 124’18. Already having been probed intraday as support on the way up to 127’00, bounces should hold these levels as resistance if tested intraday. Extending down would next target 122’28, on the way to 121’25 and 120’11.

Crude Oil Aug (CLQ) Delaying the eventual. Tuesday’s rally may be excessive optimism. The open gapped up, the gap back to Monday’s close was never filled, and the rally extended higher to close above 92.50. Regardless, it does reflect the decline’s waning sponsorship. Whether the potential to 88.75 were realized in the process, recovering a steep intraday drop would finally form a bottom.

Natural Gas Jul (NGN) Getting readier. Monday’s rally back up to the lower-end of 4.28-4.32 was followed by Tuesday’s slice up through its upper-end to 4.38. The gap back down to Monday’s close will want to be filled, so I would not want to chase near-term strength. But the price action is very appropriate for the bottom we have been tracking.

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