Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Just another port in a storm. Perhaps it was due only to Gold’s plunge, but the Dollar surged through 74.15 Thursday and attacked its 74.55 resistance to within a nickel. Probing above 74.55 intraday Friday but closing under it would likely close under 74.15, too. Otherwise, a close above 74.55 would target 76.00.
Gold Dec (GCZ) This is going to take a while. Sharply lower lows overnight extended through the 1739.00 objective to test 1705.00. Newer patterns projected significant support in the 1708.00-1709.00 area. Its reaction up to 1739.00 reacted back down to 1708.00-1709.00, allowing a corrective bounce targeting 1775.00 that was tested after the pit close. The bounce might extend up to 1783.00-1784.00 before reversing down.
Silver Dec (SIZ) Just arguing over price. Thursday’s 38.76 low stopped short of this drop’s 37.06 target. I noted in the blog’s comments section that the 40.22 bounce limit could be extended up to 40.95 without taking the 37.06 target off the table. The session closed while testing 40.95. Closing under 40.55 would signal the downleg had resumed.
30-year Treasury Sep (USU) It’s settled then. Thursday’s bounce to 137’24 stopped short of recovering 138’00, confirming Wednesday’s break. That doesn’t preclude another 1-2 sessions spent probing the prior consolidation from below, e.g. the resistance of its 139’06 higher prior lows. But its resolution is now likely to be down to 133’02 and 129’00.
Crude Oil Oct (CLV) Tease. The recent bounce finally failed Thursday by dropping from 86.55 to 83.00. But it recovered to close back above 84.80, instead of closing under it to trigger a durable downleg 82.25 and 80.65. That remains likely, so long as 86.40 is not recovered.
Natural Gas Sep (NGU) Sellers still push, but it no longer falls down. Wednesday’s rejection of Tuesday’s close above 4.00 extended down toward recent lows after Thursday’s EIA report. It was recovered to close back above 3.92. Closing back above 4.00 would still be considered a breakout, and strong follow-through intraday would not be surprising.
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