Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Ineffectual optimism. A softer open Wednesday never extended down back under Monday’s 73.78 close to resume the decline. The session closed while retesting the 74.15 sell signal as resistance. Closing above the signal would invalidate it, or at least undermine it. The signal otherwise remains intact and targeting 73.00.
Gold Dec (GCZ) Treading water. Briefly higher highs overnight were retraced back to Tuesday’s narrow 1818.00-1836.00 intraday trading range into Wednesday’s open. Tuesday’s narrow range had been the product of a brief early morning surge. Intraday price action has not been consistent with a recovery. But unless the open were to gap down under 1800.00, one more intraday rally attempt is likely before the decline resumes.
Silver Dec (SIZ) Opening a skylight. Wednesdays 42.09 high retraced 61.8% of the drop from the prior week’s high.It is natural resistance, and should produce some dip toward 41.50. But the bounce should still extend up to 42.75 or 43.15. Any higher would suggest a bigger rally underway.
30-year Treasury Sep (USU) The weight may be over. Wednesday’s opening peak at 139’00 resistance quickly reversed down under 1238’00. The afternoon extended down back to 137’10. Its break through Monday’s close had robbed Friday’s buyers of their traction. Another break lower would be likely to confirm under 136’25 that a new downleg is underway.
Crude Oil Oct (CLV) Weighting for sellers. Higher highs overnight above 89.00 were retested intraday Wednesday. The pattern still has potential to continue probing higher highs, but probably only as distribution before launching a downleg that retests recent lows.
Natural Gas Oct (NGV) Worth the weight. Tuesday’s rejection of Monday’s new low close was exploited Wednesday. The 3.95 buy signal was recovered early, and extended sharply higher to close above 4.00 and testing 4.07. An initially negative knee-jerk reaction to Thursday morning’s EIA report may not be avoided. But the news will be greeted from a position of strength, and a rally should follow any close above 3.95-4.00.
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