Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Dollar Basket Dec (DXZ) The cost of delay. Thursday’s failure to confirm the buy signal made fresh lows likely. Friday quickly fulfilled the attraction, and closed under prior lows. Monday’s open can gap up above 76.80 and extend higher. Closing above 76.95 would signal momentum reversing up.
Gold Dec (GCZ) On second thought. Thursday’s steep gap down under 1636.50 was rejected by Friday’s gap up above 1636.50. The close (and most of the session) were still testing 1636.50, so it wasn’t necessarily recovered and Thursday’s break wasn’t necessarily invalidated. Closing back under 1627.50 would renew the sell signal.
Silver Dec (SIZ) Out, but still down. Friday’s gap up back above 31.00 certainly did not confirm Thursday’s sell signal. Neither did it extend higher to gain traction. And unlike Gold, Thursday’s high held as resistance. Another close under 31.00 would renew the sell signal.
30-year Treasury Dec (USZ) First, a trickle. Probes under 139’00 increased their chipping away at support to touch 138’00. The afternoon’s bounce held the resistance of “higher prior lows.” If Friday’s break is valid, then any initial weakness Monday should extend down substantially.
Crude Oil Dec (CLZ) Sitting this one out.. Friday’s rally proved why Wednesday afternoon’s and Thursday morning’s sell-offs weren’t convincingly bearish. But Friday’s gap up to trade exclusively within Wednesday’s range wasn’t necessarily bullish. There is no active signal.
Natural Gas Nov (NGX) Impatient buyers are weak hands. Friday’s gap down and fresh lows confirmed that Wednesday and Thursday’s optimism was ineffectual. But only the gap back to Tuesday’s close was filled at the 3.55 low before recovering back into positive territory. Closing above 3.68-3.70 might get a benefit of the doubt for extending higher. Otherwise, the gap below at 3.51-3.53 should be filled next.
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