Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Target met, an opportunity to bottom. Thursday night’s low touched the 74.15 target, put into play when the rally into Monday failed to hold 75.85. An intraday test of 74.15 would help to form a durable bottom upon closing back above 74.75. Closing under 74.15 would suggest the decline is extending.
Gold Aug (GCQ) Ineffectual optimism. Friday’s open gapped up to reject Thursday’s close under 1593.50 and 1588.50. But no accumulation pattern had yet formed. And now there is a gap back down to Thursday’s 1586.70 close outstanding. Closing under 1592.50 would signal momentum reversing down, confirmed under 1588.50.
30-year Treasury Sep (USU) Walking on eggshells. Suspicion about Thursday’s drop to 124’28 proved warranted, as Friday’s open gapped up above 125’10 and extended higher to test 125’28. A close above 125’28 is still required to signal a move targeting 127’24 is underway. Perhaps anxiousness ahead of the weekend’s debt impasse prevented 125’28 from being recovered. Closing again under 125’10 would be bearish.
Crude Oil Sep (CLU) Pushing the edge of the bearish envelope. Friday’s recovery back up to Thursday’s highs was really just noise in the range. Thursday afternoon’s drop had fallen back under prior highs, offering natural support for a bounce. Steep trending is likely to follow another sideways day Monday. A close under 97.35 at any time would signal a downleg underway. Meanwhile, the pattern may continue probing higher highs intraday.
Natural Gas Sep (NGU) Taking care of loose ends. Friday’s gap up was a little too optimistic, although Thursday’s low had filled an outstanding gap below. The gap back to Thursday’s close was soon filled, and held as support through the close. Back above 4.44 would be credible for extending higher intraday. Closing under 4.35 would make another rally leg difficult.
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