Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Remarkably calm… before the storm? Monday’s inside day neither extended Friday’s premature recovery attempt, nor tested the decline’s 74.15 target. Its test intraday is all but required for forming a durable bottom. Closing under it would suggest the decline was extending.
Gold Aug (GCQ) Up, in lieu of down. Despite no accumulation pattern, the weekend’s news triggered sharply higher prices overnight. Monday’s open did not retest the 1624.30 overnight high. And the intraday low stopped short of touching last week’s 1608.00 prior highs as support. Closing under 1604.00 would trigger a bigger downleg underway. Closes should meanwhile hold under 1620.00.
30-year Treasury Sep (USU) Another sell signal, still suspicious. Monday’s gap down under 125’10 undid Friday’s recovery back above 125’20. An intraday recovery into positive territory above 126’00 was not maintained, so 125’28 was not recovered to trigger an upleg. Closing back under 125’10 has once again signaled momentum reversing down. A second consecutive lower close would confirm. Closing above 125’28 would still out into play 127’24.
Crude Oil Sep (CLU) Not exactly surging past resistance. Friday’s inside day met a smaller inside day Monday. Its gap down did not extend down. The gap back to Friday’s close was filled, neutralizing its attraction above. Almost any intraday probe Tuesday beyond Monday’s 98.52-99.77 intraday range would likely fail and reverse more substantially in the opposite direction.
Natural Gas Sep (NGU) Trying to absorb sellers. Another rally effort was reversed back down under the prior session’s lows Monday. Extending the morning’s 4.43 high any higher would have triggered a rally leg. Holding a test of 4.35 prior lows could work, too. Regardless of its path, the more credible rally would be obvious by Tuesday afternoon, instead of later.
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