Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Just hanging. Tuesday’s session ranged around Monday’s closing test of 80.05. It was still being tested at Tuesday’s close, too. A pullback to 79.62 is likely, but not a decline, not without closing under 79.62 for two consecutive sessions.
Gold Dec (GCZ) Consequences. Monday’s gap up from testing 1620.00 extended higher overnight to 1681.50 resistance. But it was doomed to failure eventually without ever having established an uptrend. In fact, Tuesday’s close fell back under 1600.00. A second consecutive close under 1620.00 would still signal a new downleg underway, at least to test 1592.50 and 1555.00.
Silver Dec (SIZ) Still holding its own. Tuesday’s session left outstanding the gap back to Monday’s 30.95 close to attract price higher. And Tuesday’s lower close did not gain traction to create unfinished business below. Closing above 30.32 would trigger an upleg targeting 33.15, with potential to 35.50.
30-year Treasury Dec (USZ) Solid resistance. Tuesday needed to close above 146’00 to renew the rally beyond its 145’10 target. But a probe well above 146’00 reversed down to 144’05. The close recovered to retest the original 145’10 target, and to re-allow a buy signal above 146’10. But now closing under 144’05 would signal momentum reversing down.
Crude Oil Nov (CLX) Now the wait. Tuesday’s gap down repeated the overnight fulfillment of finally retesting August’s actual low. A bounce repeated Monday’s pattern of filling the gap to the prior day’s close, and also its pattern of reacting back down into negative territory. Finally, also similar to Monday, the morning’s lows were not probed, so the pattern was not “ineffectual pessimism,” which means the decline’s momentum remains intact.
Natural Gas Nov (NGX) Foregone conclusion. Friday’s new low close, confirmed by Monday’s lower close, all but requires an eventual third lower close. It’s not necessarily the next consecutive day, and it was not. That tends to mean another several lower new low closes to come.
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