Daily Spot
A daily summary of high-profile members of several complexes.[pay]
Dollar Basket Dec (DXZ) Bubbling up. Thursday’s open gapped up from Wednesday’s session-long decline to new relative lows. There is a lot of magnetic attraction back to such a low, so the setup can’t tolerate any delay in extending higher. This setup did, and it was retraced back into Wednesday’s range. A fresh low under Wednesday’s 77.12 low isn’t required before bottoming, but it would help to confirm that closing positive had reversed momentum up.
Gold Dec (GCZ) Shaky support. Wednesday’s test of 1681.50 (up to 1694.00) was rejected by gapping down Thursday to Monday-Tuesday’s 1671.00-1676.00 highs. Monday-Tuesday’s 1658.00 lows touched, and held, but their support was never really probed before holding. That’s somewhat optimistic behavior for such a big intraday drop. Closing above 1672.00 would resume the rally, which is otherwise vulnerable to being retraced.
Silver Dec (SIZ) Big rejection. Wednesday’s gap up above 32.50 and close above it were rejected by Thursday’s gap down under Wednesday’s 32.24 low. Closing under 32.00 was not helpful, but its recovery Friday would still signal that sellers were absorbed. Otherwise, closing under 31.00 in this pattern would seriously undermine the recovery effort, because it would trigger a larger downleg underway.
30-year Treasury Dec (USZ) Make, or break. Firming after Thursday’s Jobless Claims. The gap back to Tuesday’s 139’29 close was filled, and the balance of the session consolidated back to Tuesday afternoon’s 139’17 lows. If Friday’s open can avoid almost immediately resuming the decline, then the bounce should extend higher to141’08 or 142’00. Closing back under 139’00 would resume the decline.
Crude Oil Nov (CLX) Round One. Thursday’s open gapped down under the prior three sessions’ lows. The last of those session, Wednesday, had failed to extend Tuesday’s recovery from below Monday’s low to above Monday’s high. Closing Friday under Thursday’s 83.17 low would extend the decline targeting 77.00-78.00. But now a close above 86.05 would target 90.95.
Natural Gas Nov (NGX) Nine lives, and counting. Wednesday’s intraday decline had left the session prone in greeting Thursday’s EIA report. Its reaction was a spike down to new lows at 3.45 that recovered to close well into positive territory and back above prior lows. Extending above 3,57 would trigger a buy signal targeting 3.78 and potentially 3.85.
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