Daily Spot

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

Dollar Basket Jun (DXM) Back in the hole. The reaction up from Tuesday’s new low was doomed to failure. Friday’s drop under 74.15 signaled the decline has resumed. And so long as 74.15  is not recovered, the decline’s next objective is to test Tuesday’s lows down to 73.60-73.65, before extending down to 73.00 (+/- 0.05).

Gold Aug (GCQ) Out of the soup? Having finally worked off its excessive optimism, the pattern became free to launch its next trending leg. Thursday’s low under 1603.00 wasn’t even attacked to try signaling a downleg underway. But 1620.00 resistance was recovered, putting into play 1650.00. A second higher consecutive close on Monday would confirm, which isn’t usual for a Friday breakout.

30-year Treasury Sep (USU) Procrastinators gets it done, too. Thursday’s opening break above the 125’28 buy signal never really extended higher all day. Friday’s session compensated for the delay by surging to the 127’24 target, and through it to 128’05 intraday and then to 128’18. Closing above 128’06 Monday would signal the upleg extending to 130’08, with resistance along the way at 129’00.

Crude Oil Sep (CLU) Gift horse. The delayed break under 97.35 had made one more refueling bounce likely. But Friday’s open broke lower, anyway, and extended down intraday to 94.95. But even that is suspicious, since all deterioration after the open was maintained through the close. The decline gets a benefit of the doubt, but it should also get a very tight stop.

Natural Gas Sep (NGU) Point of no return. The decline persisted Friday down to 4.14, despite Thursday’s low having filled and held an outstanding gap below. A retracement back to the last rally’s 4.07 origin is unavoidable, except for a close above 4.30 that would signal momentum reversing up.

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