Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Jun (DXM) Can’t count it out, so I’ll stop trying. Tuesday’s drop extended down overnight to probe 74.15, whose break on a closing basis would trigger the downleg next targeting 73.00. European bank issues enabled a surge up to 74.92. That still holds 74.93 as resistance, whose break on Monday – along with 75.14 – signaled the bounce had ended. Closing under 74.50 could now trigger a downleg. Closing above 75.15 would suggest another bounce leg underway, targeting 76.00.
Gold Dec (GCZ) Coasting on auto-pilot… and fumes? Monday and Tuesday’s two consecutive closes above the prior trading range had all but assured a third higher high. Wednesday’s test of 1801.00 produced it. So long as 1768.00 support were held on a closing basis, the trend can extend up to 1818.00. Any lower would trigger a bigger dip underway, and not necessarily a correction.
30-year Treasury Sep (USU) According to my binoculars… Wednesday’s opening strength settled it – Tuesday’s post-close surge to 139’17 would need to be retested intraday. Wednesday was not that day, and the session high came with 1 point. Now, the trend remains up so long as 136’20 holds as support.
Crude Oil Sep (CLU) Step one of a bottom is to stop going down. Wednesday’s gap up avoided retesting Monday night’s 75.71 low. Tuesday’s ~82.85 highs were attacked, but not recovered – certainly not above 83.25 which would have triggered a bigger corrective bounce. It still may. But the low’s retest is likely until then.
Natural Gas Sep (NGU) Buyers not gaining traction. Monday’s shallow blip-down and Tuesday’s premature blip-up were followed by Wednesday’s bounce to 4.08. That should have been tested in any case. And it held. Extending higher Thursday morning to test 4.20 would be very likely to reverse down sharply on the EIA report. Otherwise, a bottom needs another recovery from a fresh low.
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