Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Make, or break. Monday’s open gapped up to its 79.40 prior high, before extending through it. This is important because an immediate reversal down may leave no unfinished business above. The session’s high held a test of 80.05 resistance, but closing above it Tuesday would extend the rally anyway, next targeting 81.85. Otherwise, closing under 78.75 would signal a new downleg underway targeting 77.80.
Gold Dec (GCZ) Suspicious. Gapping up Monday above 1653.60 didn’t extend higher, and the balance of the session only ranged around 1653.60. Its valid recovery would have reversed momentum up. This is suspicious. It may serve the more likely purpose of lifting the anvil to drop it from a greater height, since three consecutive days only tested the decline’s 1620.00 confirmation instead of closing under it.
Silver Dec (SIZ) Holding its own. Gapping up and ranging sideways seems similar to Gold’s intraday pattern, but price action remained well within the recent sessions’ range. Copper meanwhile only recovered from gapping down to fresh lows. Gold’s outperformance Monday seems to have been fueled by other metals — not good for Gold when Silver and Copper aren’t trading off in reaction.
30-year Treasury Dec (USZ) Target met. Monday’s 3-1/2 point rally fulfilled the 145’10 bounce target, which held through the pit close. Falling stocks brought bonds higher to 145’21, but now a close above 146’00 is the minimum requirement to avoid topping.
Crude Oil Nov (CLX) Spitting distance. Monday’s gap down to new relative lows was retraced back into positive territory to fill the gap back to Friday’s close. The gap held as resistance, but its reaction down stopped optimistically short of retesting the morning’s low. That last factor prevented the pattern from being a potentially bullish “ineffectual pessimism.” The minimum objective of retesting August’s 76.61 low is intact.
Natural Gas Nov (NGX) Gaining traction. Mondays in this market tend to duplicate Friday’s price action, so trending down to a new low fulfilled expectations. And being the second consecutive lower close, at least a third lower close is required — often at least the following day.
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