Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Sep (DXU) Anticipation, is making me wait. The Euro’s early dive Wednesday was recovered into positive territory, extending the Dollar index’s pullback to close at its 76.85 support. This creating room to absorb initial buying without allowing it to gain traction. Actually testing either of its 78.00 78.45 targets is now even likelier to hold as resistance.
Gold Dec (GCZ) Is this thing on? Testing… 1, 2, 3… testing. A rare subdued inside day Wednesday failed to exploit Tuesday’s rejection of Monday closing under 1835.00, or Tuesday’s last-minute spike up above 1835.00. But it also avoided generating another sell signal. Closing above 1835.00 is still the nearest buy signal, but a breakout’s behavior is much more significant — the session should rally through it sharply. Similarly, a valid sell signal would depend more on behavior, as almost any significant selling at this stage of this pattern could gain traction and develop into a durable downleg.
Silver Dec (SIZ) About last night... There was no follow-through to Tuesday’s close back above 40.95, but no new sell signal either. Closing under 40.25 would signal downleg extending, while closing above 41.30 would trigger a rally to probe above 44.00.
30-year Treasury Dec (USZ) Psych. Wednesday morning’s probe under 139’20 was recovered to close above 140’06. Now, probing above Thursday’s 140’27 high should gain traction to probe new highs above 142’00. Until then, closing under 139’20 would still signal at least pullback underway targeting 137’16, which could develop into a new downleg.
Crude Oil Oct (CLV) One last rest before the one last push. Wednesday’s new high close at 90.21 all but ensured fresh highs to come at 92.00. Thursday exploited this strength to refuel sellers by inserting a pullback. Gapping down created an attraction back to Wednesday’s close that should inhibit too deep of a pullback, and attract price higher.
Natural Gas Oct (NGV) Finally! Finally? Closing above 4.00 did extend higher intraday as suspected to also test 4.10. At least the close was still testing 4.05 as support. Thursday’s success (or not) at absorbing 10:30’s EIA report should be the final arbiter to whether a new upleg is underway.
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