Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Fully refueled, ready for lift-off. The original rally’s targets had been 79.50 and 78.90. This week’s pullback extended Friday down to test both, and then recovered both through the close. Sellers gained no traction for their efforts. Closing positive. Recovering 79.62 would target 81.85 and 83.25.
Gold Dec (GCZ) More noise, and lots of it. Thursday’s positive close was in the process of testing 1653.60 resistance, and lacked a signal currently. Fresh highs Friday morning up to 1668.00 were eventually reversed down sharply to 1627.60. The close was still testing 1636.50 support, so the pattern still lacks a current signal.
Silver Dec (SIZ) Too young to die. Friday’s opening surge to 32.85 was consolidated through the morning back down to 32.00. Then the bottom fell out to 30.71 on Italy’s downgrade news. At least the close was still testing 31.12, a 61.8% retracement of Thursday’s session-long rally. Closing above 31.90 would resume the rally, targeting 33.15 and 35.50. Closing under 30.70 would invalidate Thursday’s breakout leg.
30-year Treasury Dec (USZ) Digging a hole. The reaction to Friday’s Employment Situation report spiked down through the drop’s 141’25 target to its next support at 140’10. After bouncing, RSIs diverged positively on its retest to launch a corrective bounce having potential to 142’22. It already probed above 141’25 intraday. By still closing under 141’25, 142’22‘s test now would be likely to reverse down sharply.
Crude Oil Nov (CLX) Extended. The week’s bounce had already extended beyond the corrective target that I expected to hold. But it tested the highest calculable corrective target Friday at 83.15-83.20. Then closing back under 82.70 would have robbed buyers of their traction, but it was still being tested at the close. Regardless, a close under 80.25 is still needed to reverse momentum down.
Natural Gas Nov (NGX) False alarm. Friday’s pivot-reversal like setup could have launched a substantial corrective bounce. It required confirmation from one more consecutive higher close Friday. Instead the open gapped down and new trend lows were probed. The 3.33 and 3.20 targets remain likely.
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