Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Not yet an opportunity. Wednesday was premature to already recover from Tuesday’s corrective dip to “lower prior highs” around 78.00. So the intraday bounce back up to Tuesday’s ~78.50 high held as resistance. And being unlikely to gain traction, the bounce’s sponsorship was probably weak hands — and likely to fail. A deeper dip filling the gap back to last Wednesday’s 77.80 close is now likely.
Gold Dec (GCZ) A missed opportunity. Tuesday’s failure to clearly recover 1653.60 reacted down Wednesday. Before closing under the 1636.50 sell signal, intraday lows had already probed under the signal’s 1620.00 confirmation. The break has already extended down to within $10 of filling the gap back to Monday’s 1592.50 close, presumably on the way to the drop’s 1555.00 objective.
Silver Dec (SIZ) A rally opportunity. As with Gold, Wednesday’s session-long decline ended the day testing Monday afternoon’s highs as support. It bottomed upon filling the gap back to Monday’s 30.00 close. Extending under 29.80 would signal the decline extending down to 28.30. Closing back above 34.20 would suggest the drop had ended.
30-year Treasury Dec (USZ) A recovery opportunity. Wednesday’s open didn’t gap down, so the pullback probably wasn’t becoming a bigger downleg. That didn’t prevent fresh lows intraday down to 139’28. But its context did require recovering to close back within Tuesday’s range, which was done back to 141’00. Closing above 141’12 would signal another bounce underway, targeting 145’10. But almost any lower close would extend the decline.
Crude Oil Nov (CLX) Another downleg opportunity. The corrective bounce into Tuesday had extended somewhat above expectations to 84.70, but that didn’t change it from being only a correction. RSIs diverged negatively into the high’s retest, ending the corrective bounce which then reversed down sharply into and out of the close to fill the gap back to Monday’s 80.78 close. Closing under 79.60 would signal the decline was extending to its 76.60 objective.
Natural Gas Oct (NGV) A bounce opportunity. No bounce Wednesday ahead of Thursday’s EIA report. But the dip to 3.75 didn’t gain traction. Closing above 3.82 would signal a bigger bounce underway targeting 4.00.
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