Daily Spot

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

Dollar Basket Jun (DXM) One day up, one week down. The lower-end of the range was widened as the pullback extended down sharply Wednesday. Last week’s Pivot Reversal that had signaled the downleg’s premature end has been retraced fully. Bounces should now hold 75.20 to maintain potential to 74.55-74.75.

Gold Aug (GCQ) Getting ready to lose its bounce. The corrective bounce extended into Wednesday after Tuesday’s peak stopped short of fulfilling its 1507.50 objective. The next higher objective at 1515.00 was attacked to within $1. Thursday morning’s action might yet test 1515.00, but any pessimistic behavior would be credible for resuming the decline.

30-year Treasury Sep (USU) As if a big buyer has left the building. Wednesday’s fresh lows at 123’12 stretched the three-day decline to test two of the rally’s prior lows in the same day. This expends a lot of selling pressure that increases the potential for a corrective bounce as high as 125’00. The trend otherwise remains down.

Crude Oil Aug (CLQ) Warning shot, or direct hit? Wednesday’s 95.84 high filled the gap back to last Wednesday’s close. It also failed again to recover 95.50 which would have triggered a new upleg underway. Potential remains alive to new lows targeting 88.75. In thanks to the extent of the bounce so far, holding an intraday test of 92.50 would start to form another potentially bullish pattern without requiring new lows.

Natural Gas Aug (NGQ) Well-timed pessimism. Wednesday’s low tested 4.28 as support, just 2 cents short of a more constructive bottom. At least the dip wasn’t recovered to close above 4.35. A wider reaction to Thursday’s IEA report could test and recover these levels appropriately to signal the next leg underway, whether up or down.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…