Daily Spot

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

Dollar Basket Jun (DXM) Time to pause. After testing its 77.10 objective overnight, a reversal back into negative territory also probed Monday’s lows, robbing buyers of their traction. The session closed while still in the process of testing Monday’s lows, so sellers did not gain traction. A pullback could recover from testing 75.85-75.90, but closing any lower would target 74.15.

Gold Aug (GCQ) In a world of its own. Rallying strongly back to and through prior highs has given the pattern a chance to extend much high, unless not confirmed by a second consecutive higher close on Wednesday.

30-year Treasury Sep (USU) Safe port in a storm. A flight-to-quality extended the rally further past 125’28 to probe prior highs up to 127’15. A probe above Tuesday’s highs is likely up to 127’24. A new upleg is possible, but not signaled.

Crude Oil Aug (CLQ) One more chance to refuel. Overnight lows down to 93.55 were recovered to test the 97.00 bounce target into Tuesday’s close. A downleg targeting under 91.00 should be underway by Wednesday’s close. Otherwise, extending higher would suggest that a much larger rally was already underway, and that 91.00 would not be tested first.

Natural Gas Aug (NGQ) Grinding out a bottom. Monday’s gap up probed 4.30, but didn’t close above it to trigger a rally. Tuesday’s close above 4.30 also probed Monday’s high, which held as resistance. The gap back down to 4.20 is likely to be filled, which would form a more compelling bottom than simply extending higher to close above 4.40.

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