Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Thankful to its opposition. Despite Friday holding its 75.75 bounce limit, weaker currencies promoted the Dollar to higher highs Monday that tested the 75.85-76.00 bounce limit. This test of resistance held, too, reversing to close back under 75.85. Back above 76.00 would signal yet another corrective bounce target in-play at 76.65. Closing above 76.85 would negate the pattern’s last opportunity for launching a bigger downleg targeting 74.15.
Gold Aug (GCQ) Stage-one to a false break resembles a real one. The 1604.50-1606.00 objective was tested Monday. It was still being tested into the close and not rejected. A pullback has room down to 1588.50-1592.50 as just a correction, but closing any lower would target 1578.50, whose break would trigger new downleg underway. Otherwise, the next higher objective is above 1620.00.
30-year Treasury Sep (USU) Patient buyers are bordering on comatose. Closing back above 125’28 Friday suggested the intraday dip under 125’20 and 125’10 was a false break. This maintained potential for extending the rally up to 127’24, but the open’s gap up was reversed to retest 125’10–125’20 as support. At least 125’20 was still being tested at the close. Quickly recovering 125’28 Tuesday morning would be likely to extend higher almost relentless to test 127’24.
Crude Oil Aug (CLQ) Perhaps the last chance for a downleg. Friday’s test of 97.00 resistance resolved down immediately and forcibly, testing 94.70 intraday. Closing under 94.25 continues to be the ultimate sell signal. Meanwhile, the pattern is consolidating for a sizable move, which could be up just as easily upon closing above 97.30.
Natural Gas Aug (NGQ) At least sellers were shut-out. Monday’s tendency to duplicate NG’s characteristics from Friday made a rally to fresh highs likely. A rally to fresh highs did test 4.61, but closed almost flat on the day. Another upleg should be launched from just under 4.50 to be credible.
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