Daily Spot

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

Dollar Basket Jun (DXM) Island gap has downside objectives. Monday’s more thorough test of corrective bounce limits was compensated for Tuesday, by gapping down sharply. A late bounce did not recover back above any relevant support. A downleg targeting 74.15 is underway so long as bounces now hold 75.75.

Gold Aug (GCQ) Vulnerability becomes clear after the close. Monday’s breakout from the two-day consolidation tried extending higher overnight to 1610.70, only to settle back to unchanged intraday as the rally’s momentum waned. A post-close slide pierced 1588.50-1592.50 to put into play a test of 1578.50. Closing any lower would signal a new downleg underway.

30-year Treasury Sep (USU) Absorbing sellers has its rewards. Yet another dip under 125’10 was recovered back above 125’20, this time overnight. And the recovery didn’t wait until the close before proving that sellers have been absorbed. Holding 125’28 as support on a closing basis would now maintain potential to the 127’24 target.

Crude Oil Sep (CLU) Rolling coverage to Sep. A gap up above the 97.35 (97.00 basis Aug) intraday bounce limit also tested 99.00 intraday. The afternoon’s fresh high was retraced to back under the morning’s high, after gapping up, in a day spent exclusively in positive territory – this is “ineffectual optimism.” Extending the rally any further all but depends upon gapping up Wednesday. Otherwise, the session would be likely to resolve down, possibly sharply sharply, which would resume the downleg.

Natural Gas Sep (NGU) Rolling coverage to Sep. Monday’s fresh high had not extended higher, but at least it had prevented sellers from gaining traction. And they didn’t gain traction Tuesday, either. But the rally does need to extend higher Wednesday’s morning to avoid losing momentum.

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