Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Sellers dipped a toe in the water. Tuesday’s gap down ranged sideways through the day. A blip-down to 74.33 on the afternoon’s FOMC announcement was recovered back into the range. It also recovered back above the morning’s low. But it did not recover into positive territory, so the entire session traded negative, after gapping down. That was nearly “ineffectual pessimism,” and it could launch a new rally leg if Wednesday’s session doesn’t resume the decline without delay, closing under 74.15.
Gold Dec (GCZ) Euphoric, yet? Another big gap up Tuesday to 1753.50 reversed down instead of testing the 1782.50 overnight high. The reversal down came within $1 of touching Monday’s 1721.9 high before reversing to attack the 1753.50 open before the close. Post-close action attacked the 1782.50 overnight high up to 1780.90. Being the second consecutive fresh high close, at least a third intraday high is now likely before a durable downleg could begin. So, any interim dip should be recovered.
30-year Treasury Sep (USU) Maybe the US is a takeover target. Fresh highs surged to and through the next higher objective at 136’16, to attack 138’00. A post-close surge nearly touched 140’00, before settling back to the 137’00 area. Gapping open Wednesday under 135’05 could trigger a downleg without leaving any unfinished business above. Just closing under 135’05 would at least allow a corrective decline, but not without requiring its eventual recovery.
Crude Oil Sep (CLU) Not exactly gushing. New lows overnight tested 78.95 support down to 75.71. Its reaction intraday tested 83.00. An intraday test of 75.71 that closes back above 78.95 would form a credible bottom. Just closing above 83.25 would at least trigger a bounce targeting 90.00.
Natural Gas Sep (NGU) Still too little, still too soon. Monday’s shallow dip was only noise, despite recovering from a new low. The recovery followed-through Tuesday, but it was no more relevant than Monday. Closing above 4.07 would get a benefit of the doubt for extending higher. Otherwise, another dip under 4.90 is likely.
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