Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) The bottom drops out. Overnight weakness stumbled through 74.15 (which, by the way, has yet to be touched intraday) down to 73.60, targeting 73.00 (+/- 0.05). The gap back up to Monday’s 74.25 close will need to be filled at some point, but its test would likely be a short-entry opportunity.
Gold Aug (GCQ) Nothing but gold bugs here. Extreme optimism at Sunday night’s open left no room to extend higher. Excessive optimism at Monday’s lows helped the pullback to narrowly avoid touching last week’s highs as support. A decline can’t gain traction from a consolidation above prior highs. An intraday probe above 1320.00 that closes under 1307.00 would signal momentum reversing down.
30-year Treasury Sep (USU) If not fo all this default talk… Monday’s close under 125’10 was rejected like Thursday’s – not by gapping up, but by rallying intraday to retest 125’28. Closing above it would still put into play 127’24. Just holding it as resistance into the close keeps the pattern vulnerable to yet another sell-off attempt.
Crude Oil Sep (CLU) Probing higher, without gaining traction. The extended consolidation above 97.35 without extending higher does not make a reversal down less likely. But it does make a false break higher likely first. Tuesday’s open dip to 97.76 was recovered to fresh highs at 100.62, before reversing to close back under prior highs. Now a close under 98.95 would signal a new downleg underway. Otherwise, the next higher resistance is 101.55.
Natural Gas Sep (NGU) Trying to dump sellers before EIA day. Tuesday’s gap down probed a new relative low, and spent the entire session in negative territory. But the prior session’s low held as support through the close. This is “ineffectual pessimism.” It is not a buy signal, but almost any immediate strength Wednesday would be credible for extending higher intraday.
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