Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Patient buyers? Tuesday’s opening bounce tested 78.25 resistance, but did not recover it, which would have reversed momentum up. Closing back under Monday’s 77.67 low would instead signal the downleg extending. But holding the intraday test of 77.80 support keeps the window open to a recovery.
Gold Dec (GCZ) Not so fast. The retest of last week’s 1681.50 overnight resistance test also occurred overnight Monday. Tuesday’s open was already reversing down to Monday’s 1657.50 low. Its test launched a temporary bounce that filled the gap back to Monday’s close, whose reaction fell back to session lows.
Silver Dec (SIZ) False start. Monday’s recovery from testing 31.12 support stopped short of 32.50, whose recovery would have resumed the rally. Its test overnight came too late, and Tuesday’s open tested 31.38 support. Closing positive back above 32.00 helped to absorb more selling pressure, but 32.50‘s recovery woulds still be bullish.
30-year Treasury Dec (USZ) No takers. Tuesday’s gap up to Friday’s 140’08-140’10 lows was retraced enough to fill the gap back to Monday’s 139’19 close. The gap held as support throughout the afternoon and into the close, but never produced fresh session highs. A bounce would target 142’22, so long as 137’16 were not tested as support.
Crude Oil Nov (CLX) Island hopping? Monday’s gap up was not rejected, despite Tuesday’s open gapping down. Last week’s “lower prior highs” weren’t touched, so gapping down deeply enough could still form an Island reversal.
Natural Gas Nov (NGX) Do you believe in second chances? Last Thursday’s reversal setup never produced a fresh high that would have triggered a rally. Now the interim dip to new lows has recovered back to Thursday’s close. Almost any positive print would be credible for gaining traction to extend higher, and to greet Thursday’s EIA report from a position of strength.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…