Daily Spot

A daily summary of high-profile members of several complexes.[pay]

Dollar Basket Dec (DXZ) Too much, too soon. Friday’s gap up above 48.90 resistance extended back into the high’s range, filling the gap back to Monday’s 79.00 close. The session still held 78.90. Now filling back to the gap below at 77.80 is likely to launch a new downleg, instead of making a new rally leg possible.

Gold Dec (GCZ) Go into the light. An overnight rally was retraced back down to 1620.00, which launched another bounce instead of breaking lower. Now 1620.00 has no further predictive value. Closing under 1616.00 and 1605.00 would signal the downleg having resumed. Closing above 1636.50 and 1653.60 would trigger a bigger bounce.

Silver Dec (SIZ) Standing still on principle. Ranging around 30.00 Friday stopped short of probing Thursday’s low, while Gold did not. The relative outperformance continues to suggest that Silver’s bottom will be less destructive going forward

30-year Treasury Dec (USZ) While the iron’s hot. Friday’s opening surge extended the rally off of Wednesday’s low, filling the gap back to Monday’s 142’28 close under to 143’06. While there remains potential up to 145’10, the bounce would end upon closing again under 141’25.

Crude Oil Nov (CLX) Onward and downward. Thursday’s “ineffectual optimism” resolved down by gapping down in a test of 80.00. There was almost no follow-through intraday, which would have formed “ineffectual pessimism.” But a late break lower did extend down to 78.77 to prove the decline had resumed.

Natural Gas Nov (NGX) That was then. Thursday’s complete recovery of the reaction to the morning’s EIA report was itself rejected by dropping to new lows into the weekend. This market tends to duplicate Friday’s action on Mondays, so recovering would be considered bullish.

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