Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Pivot reversal finally triggers a downleg? The 74.55 buy signal was only attacked up to 74.50 Thursday morning, so it wasn’t triggered — its strength was suspicious, anyway. The suspicion proved out on Friday’s huge pivot reversal: a gap down to 74.15 was recovered to probe Thursday’s high up to 74.55 resistance, then a plunge into the afternoon closed under the morning’s lows at 73.77-73.90. Fresh lows targeting 73.00 are in-play unless Monday were to close back above 74.15.
Gold Dec (GCZ) Lighter than air. Thursday’s corrective bounce extended above its 1775.00 target to 1832.50, on the way to either 1838.50 or to 1851.50-1854.00. Any higher would target nearly 1871.00, but I don’t expect that in this pattern before resuming the decline. Last week’s plunge won’t be absorbed without more work to the downside.
Silver Dec (SIZ) Lighter than lighter than air. Friday afternoon failed to join Gold in probing above the morning’s highs. But its post-close surge outperformed. That outperformance might persist into Monday to test 42.30. If a bigger downleg doesn’t begin there, then Silver may yet touch 45.70 before Gold peaks.
30-year Treasury Sep (USU) Still resting. Friday’s bounce to 139’00 took advantage of the potential to back-and-fill up to 139’06 for 1-2 days. Not closing under 138’00 allows a retest of Friday’s high that would likely finish the corrective bounce. Alternatively, just closing under 137’06 would signal momentum was reversing down. Two consecutive closes above 139’00 would make a retest of the 141’06 high’s increasingly likely.
Crude Oil Oct (CLV) Trapping buyers. Despite its volatility, Friday’s session was almost an inside day (except for the morning’s momentary fresh low). Thursday’s 83.01 low was retested and quickly reacted back up to 85.64. The morning’s rally was not rejected, and avoided closing under the 84.80 sell signal. But Thursday highs failed to recover above Wednesday afternoon’s highs. A lot of buying energy was expended without gaining traction, so recoveries should continue to fail unless 86.25 were recovered.
Natural Gas Sep (NGU) Closely watched pot?. Still no close above 4.00 (basis Sep and Oct) that would seal a bottom and launch an upleg.
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