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) Pushing it. New lows overnight were retested intraday Monday. Their interim bounce had temporarily recovered positive territory at least long enough to avoid opening in negative territory. Closing back above the overnight low, instead of still testing it, would have confirmed there remained no unfinished business below to require extending the downtrend. Almost any immediate strength or positive close Tuesday above Friday’s 76.47 low would be credible for extending higher.
Gold Dec (GCZ) Hair trigger reaction. Monday’s gap up to fresh recovery highs filled an outstanding gap above. Two lower lows intraday each probe 1653.60 lower and lower, eventually closing under it to prevent the open’s buyers from gaining traction. Friday’s seeming rejection of Thursday’s drop continues to behave as only a corrective bounce, awaiting the decline’s resumption.
Silver Dec (SIZ) Though doth not protest enough. Monday’s gap up above Friday’s high extended higher intraday. But Monday’s opening print was still being tested at the close. This setup tends to suggest that the day’s buyers gained no traction for their efforts. Almost any immediate weakness Tuesday would be likely at least to test 31.00, whose break would resume the decline.
30-year Treasury Dec (USZ) Clingy. Friday’s close under 139’00 did not extend down immediately or forcibly. Its overnight low probed under 138’00 by only 3 ticks. Not reacting up does still suggest the pattern if heavy, and moving only closer to breaking down.
Crude Oil Dec (CLZ) With friends like these... Last week’s sell-off had never signaled momentum reversing down. And that was potentially bullish for sellers having expended so much energy without gaining traction for their effort. The lack of follow-through to Khadafi’s fall was a tell. Gapping up and firming into the weekend was further rewarded by extending sharply higher Monday to 91.88.
Natural Gas Nov (NGX) Pause button is stuck. Monday’s inside day did not fill the outstanding gap below, or recover resistance above (let alone attack it).
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