Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Recovery intervention. Did Thursday’s intervention extend the Dollar Index’s pullback? Wednesday’s close was already testing the 77.35 pullback limit, so Thursday’s extra drop must be recovered immediately to avoid gaining traction. The gap back to Monday’s 78.21 close can still attract price up to fresh highs targeting 78.50 or 78.90.
Gold Dec (GCZ) Rogue operation. An overnight slide from 1826.00 produced a deep gap down to test 1781.00. Its early test was tested throughout the afternoon, too. Extending down would next target 1770.00, then sharply lower. Otherwise, back above 1798.50 would suggest at least the gap back to Wednesday’s 1826.00 close will be filled. Gapping up above 1813.00 would form an Island Reversal of Thursday’s session.
Silver Dec (SIZ) Attacking the point of no return. The failure ultimately to recover 40.95 has slid to attack three week old lows down to 39.40. Closing under 39.15 would signal a bigger downleg underway targeting 37.25 and 36.00. Recovering 40.50 would now be able to trigger an upleg targeting 44.00.
30-year Treasury Dec (USZ) Noise, but getting louder. Thursday morning’s retest of the 139’20 sell signal extended down to test 139’00 throughout the day. Closing any lower would confirm a test of 137’16 is in-play, and potentially trigger a new downleg. Closing decisively above 140’06 would put into play a probe above 142’00.
Crude Oil Oct (CLV) Still sitting this one out. Wednesday’s rest extended into Thursday. The range’s upper-end stopped pessimistically short of filling the gap back up to Tuesday’s 90.20 close. Fresh highs at 92.00 are all but assured.
Natural Gas Oct (NGV) So much for that. Tumbling in reaction to Thursday’s EIA report was hardly consistent with having closed so sharply above 4.00. At least it only retraced two days of gains, and filled the gap back to Monday’s 3.89 close. But the recovery attempt was rejected, so the rejection must itself be rejected by immediately closing back above at least 3.95 to avoid launching a new downleg.
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