Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Slow-playing it. Tuesday’s modest gap down quickly flipped up into positive territory, but the balance of the session only ranged narrowly. So long as 77.35 continues to hold pullbacks, the gap back to last Monday’s 78.21 close, and 78.50 and potentially 78.90 are still in-play.
Gold Dec (GCZ) Not so fast. Where Monday’s close under 1781.50 signaled a new downleg underway, Tuesday’s gap up above 1781.50 undermined the signal. The session could have reversed down to close negative, and then confirm Monday’s signal. It did not. The bounce extended up to nearly 1815.00, and must recover 1826.00 to signal an upleg underway.
Silver Dec (SIZ) Another bounce? Tuesday’s gap up back above 39.40 has left unfinished business below. Closing above 40.30 would have signaled a detour up to 41.00first, but 40.30 held as resistance intraday. Not triggering a signal despite being tested does make the opposite outcome likely. Tuesday’s tested two signals in opposing directions, making some sort of consolidation likely for now.
30-year Treasury Dec (USZ) Waiting it out. Monday’s pierce above prior highs was not rejected Tuesday. A modest gap down was easily absorbed. The balance of the session was largely contained within Monday’s narrow range. A fresh high above 142’00 remains likely, and it remains likely to reverse down sharply.
Crude Oil Oct (CLV) Ready to break. Monday’s test of the 85.00 prior low didn’t break lower Tuesday. But it wasn’t exactly rejected. An intraday bounce up to 87.46 ended the day at 86.80 resistance. Now a fresh low under 85.00 would be very likely to extend down, initially targeting 81.50-81.75. Recovering 88.70 would target at least 92.00.
Natural Gas Oct (NGV) Missed opportunity. Tuesday’s session didn’t exploit Monday’s recovery from fresh lows. So, although sellers were undermined, buyers essentially undermined themselves. The “inside day” could still resolve up, but a close above 3.92 is needed before buyers gain traction.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…