Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Try, try, etc. After two consecutive breaks failed to confirm the following day, Friday’s open broke lower again. Its close under 74.15 signals that a downleg is underway, targeting at least 73.00. Friday’s 73.68 low did fill the gap back to Wednesday’s 73.75 close, without closing below it, making a second consecutive lower close that much more necessary to confirm the new downleg.
Gold Dec (GCZ) Gold rush. Thursday’s close above 1818.00 signaled the upleg was extending, unless Friday’s open had gapped down back under 1790.00. Overnight action tested 1881.00, pretty much preventing the latter. The extended targets were 1863.00 and 1880.00, so 1863.00 must hold as support to maintain the extended rally’s momentum. Having tested 1880.00 only overnight, its intraday retest is likely but not required. Closing above 1882.50 would signal the upleg extending again.
Silver Dec (SIZ) Getting to enjoy its ride. Friday’s gap up to 41.75 and 42.58 intraday high never touched the 42.64 overnight high. Just closing above 42.55 would next target 45.55.
30-year Treasury Sep (USU) Resting on its laurels. Thursday’s test of the 140’00 area fulfilled any unfinished business above, without closing above prior highs. Buyers of that stage of the rally gained no traction. Friday’s narrow inside day avoided upsetting the pattern. Ranging narrowly through Monday morning should launch at least a probe of the 141’06 high. Pullbacks meanwhile now have room down to 138’12 without sellers gaining traction.
Crude Oil Oct (CLV) Soft landing. Thursday’s drop extended down sharply overnight to 79.37 (basis Oct, 79.17 basis Sep). Intraday ranging barely dipped under 81.50 only momentarily. But 83.05 wasn’t required, so the trend’s momentum remains intact, next targeting a retest of the recent 78.25 and 75.71 lows.
Natural Gas Sep (NGU) Bringing up the rear. Friday’s gap up and close above 3.93 is trying to finish the job that Thursday started. That had at least recovered from fresh lows to close back above prior lows. Closing clearly above 3.95 would have been helpful, but recovering 4.00 soon after Monday’s open would be credible for launching a rally leg.
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