Daily Spot

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

Dollar Basket Jun (DXM) All packed up and ready to move. Bounce potential up to 75.75 defined Friday’s high. Potential up to 75.85-75.90 is diminished, but still likely to hold as resistance if tested. Dipping under 75.05 would now signal the downleg having resumed, confirmed under 74.90, and targeting 74.15.

Gold Aug (GCQ) Has the music stopped? Friday’s inside day was not surprising after three consecutive up days had resolved all unfinished business above. Trying to resume the rally Monday above 1595.00 would be suspicious, and likely to reverse down to probe under 1579.00.

30-year Treasury Sep (USU) Rallies are difficult without Big Brother. Thursday’s inside day didn’t prevent weakness Friday. But it recovered from 125’10, back above 125’20, and back into the range above 126’00. Potential up to 127’24 remains alive.

Crude Oil Aug (CLQ) No more delay if going down. Friday’s opening bounce retraced a lot of Thursday’s drop, including 97.00. But the balance of the session only ranged around 97.00, and closed under the morning’s high. Sliding through Monday’s open would confirm that its bounce limit had held, and that a test under 91.00 or 88.75 was in-play.

Natural Gas Aug (NGQ) Step one for a breakout: breakout. Early strength above 4.42 was expected to trend sharply higher intraday Friday. In fact, the intraday rally reached 4.55. It is next targeting 4.75-4.80, so long as 4.45 were to hold as support. Its test Monday is possible because Mondays in this market tend to duplicate Friday’s characteristics.

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