Daily Spot
A weekly summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Closing in. Thursday’s coordinated intervention met the weekend’s headline discord, triggering a gap up Sunday night. The gap back to last Monday’s 78.21 close should still attract price higher, on the way to 78.50 and possibly 78.90.
Gold Dec (GCZ) Game on. The failed tests of 1835.00 resistance reacted down Monday, sliding sharply through the recovery’s 1798.50 pullback limit. Ultimately, the low touched 171.00 and closed under last week’s 1781.50 support. Unless rejected immediately by closing back above 1798.50, the drop may find obligatory support at 1753.70 on the way to new lows targeting 1681.50 and potentially 1636.50.
Silver Dec (SIZ) Square-one. Monday’s low completed the retracement back to August’s low, and effectively took a new interim high off the table. So long as 39.55 holds tests as resistance, 37.60-37.65 is now targeted, and potentially 34.60.
30-year Treasury Dec (USZ) Last gasp. Never having closed under 139’00, the pattern was vulnerable to attracting buyers in a flight-to-safety as stocks tumbled Sunday night. Monday’s gap up above 141’00 ranged up to the 141’28 prior high. The close was not above prior highs, which is in-line with expectations for a brief new high above 142’00 that finally launches a more productive downleg.
Crude Oil Oct (CLV) Letting go. The elongated Rising Wedge’s lower-end finally broke Monday. It tested the uptrend’s prior touch, which was last Sunday night at 85.00. Closing any lower would get every benefit of the doubt for extending down. But avoiding a second consecutive lower close Tuesday would keep alive potential for a recovery to fresh highs testing 92.00.
Natural Gas Oct (NGV) Home, home in the range. Monday’s gap down to new lows would have confirmed Friday’s break. Except that it reversed to close positive, back above 3.82 prior lows. That’s not enough to merit a buy signal without also closing above 3.92, but it certainly undermines the attempt to launch a new downleg.
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