Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Reserved currency. The initial reaction to weekend news took price back down sharply overnight to 74.15. Closing any lower would have triggered a new downleg underway, but its test instead produced a bounce back to 75.21. That was a 61.8% retracement of the drop from Thursday’s high, natural resistance, so the balance of the session settled back under 74.93 to confirm Friday’s signal that buyers had lost traction. Now a fresh close under 74.70 could trigger a downleg targeting 73.00.
Gold Dec (GCZ) Amazing… if confirmed. A decline never was attempted, let alone triggered under 1644.50, before weekend developments triggered new highs up to 1723.40. The open’s gap up to new highs allows a pullback to recover from 1676.00. But gapping down under 1676.00 would gain traction for a downleg. Otherwise, the trend now has potential up to 1779.00.
30-year Treasury Sep (USU) They always find a way. The overnight reaction to weekend development’s bottomed 5 ticks short of a full point at 131’11. A flight-to-quality helped to reverse price up, fulfilling the required retest of Friday’s 135’05 high up to 135’16. That could have been delayed by dipping first to 129’00, which should still be tested. Closing under 134’26 would signal at least a correction underway targeting 133’00 and 129’00. Otherwise, while closing above 135’10 would be positive, I have no higher calculable targets, other than there being potential for extending up to 136’16.
Crude Oil Sep (CLU) Getting ready for a hard landing. Gapping down Monday to attack Thursday night’s 82.87 low took all session before finally breaking down to 80.17. A bounce has room up to 84.25 without a rally gaining traction. Meanwhile, the next lower calculable target is 78.95.
Natural Gas Sep (NGU) Too little, too early. A shallow blip-down intraday Monday was just as quickly recovered back to unchanged levels. This does not equate to defending the low from a sell-off attempt, so no durable rally is yet expected.
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