Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Making up for lost time. Monday’s open gapped down to and through the 74.55 sell signal, and extended down sharply to probe its 74.15 confirmation that at least 73.00 is in-play so long as 74.15 is not recovered through a close.
Gold Dec (GCZ) Rotation complete. A flat to weaker open Monday eventually gained traction to rally sharply intraday, to within 20 cents of 1768.00 whose break Thursday had signaled momentum reversing down. If unfinished business below at 1715.00-1720.00 were eventually tested, it would now be unlikely to hold on the way down to 1685.00, and potentially 1668.00.
Silver Dec (SIZ) One last bounce, before one more plunge. Fresh highs at Monday’s open accompanied Gold’s flat to weaker open, reflecting more rotation. Both firmed or rallied in unison after the close, too. This brings the rotation one day closer to a broader peak among precious metals.
30-year Treasury Sep (USU) Getting used to double A. Friday’s ultimate recovery of Thursday’s suspicious 136’20 sell signal didn’t extend higher Monday. But neither did another sell-off attempt to renew the drop. The session ranged narrowly, and a close above 136’20 could now signal a retest of the 140’00 area.
Crude Oil Sep (CLU) Some benefit, but more doubt. Friday’s momentary strength didn’t extend higher much past the open, and not soon after Monday’s open. But Friday’s 87.37 high was eventually probed intraday up to 88.05. Perhaps the 90.00 corrective bounce target will be met first, prior to another downleg that retests last week’s 78.25 and 75.71 lows.
Natural Gas Sep (NGU) Optimistic drop. Overnight weakness under 4.02-4.03 extended down into an opening test of 3.95. It wasn’t quite the 3.93 objective, but an afternoon surge retested 4.06. And 4.02-4.03 was still being tested at the open. The morning’s pessimism could have trapped buyers for another day’s recovery, but it was already neutralized by the afternoon’s optimism. The pattern is still forming.
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