Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Bottoming too quickly. Friday’s open gapped up from Thursday’s test of the 74.55.74.75 pullback target. That’s a little too quick for a new upleg to begin, and a little too aggressive for its beginning. The bounce limit was tested entirely 74.85-75.05, and sent price back down to test Thursday’s close. If Friday’s bounce wasn’t premature, then it may have refueled sellers to resume the drop, next targeting 74.15.
Gold Aug (GCQ) Back into the shafts. Wednesday and Thursday’s 1507.50 and 1515.00 bounce targets had held their tests, allowing the decline to resume. It began overnight, plunging to fresh lows at 1478.30. That’s within $4 of the minimum target. The character of its test – if even held on a closing basis – would determine whether lower targets are also in-play.
30-year Treasury Sep (USU) Don’t blink, maybe you missed it. Closing Thursday back above the decline’s 122’28 minimum target allowed a corrective bounce to form. Friday morning’s econ reports disallowed it. Firming early up to 123’14 was reversed 1 point down to 122’13, nearing Thursday’s 122’05 low. Not bouncing into Friday’s close, and/or out of Sunday night’s open, could mean the little bounce there was has already resolved down – and resuming the decline already could resemble last week’s drop.
Crude Oil Aug (CLQ) The market is waiting for that other shoe. Two days spent testing 95.50 resistance meant that attempt wasn’t going to break higher. Rather than probe a fresh high before reversing down, Friday’s open dipped to 93.45. A bounce peaked 10 cents short of 95.50, so now a break under 94.25 would signal a downleg underway, confirmed under 92.80, and targeting 91.00 or 88.75. Perhaps a new rally leg is already underway if 95.65 were recovered through the close.
Natural Gas Aug (NGQ) After the holiday weekend gas guzzling. Thursday’s stunning recovery from the open’s deep gap down earned some rest before extending higher. Friday’s dip should have satisfied it. Closing above 4.40 would trigger a rally leg underway.
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