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) Patience, patience. Tuesday firmed, but didn’t capitalize on Monday’s fresh lows not having gained any new traction. A buy signal maintained through the close would be that much more credible if triggered.

Gold Dec (GCZ) A bigger correction? The corrective bounce pattern was blown away by Tuesday’s sudden surge that extended $68 higher. There was no bearish reason to revisited 1687.20, so now 1724.00 is in-play.

Silver Dec (SIZ) Also corrective. The surge to new highs Tuesday probed prior highs around 33.00. It was still being tested into the close. A test of 35.50 is now in-play.

30-year Treasury Dec (USZ) Putting aside its own troubles. Stock market weakness facilitated a bounce off of 138’00, through 139’00. But 140’06 held another test as resistance to prevent a rally from gaining traction.

Crude Oil Dec (CLZ) Tough to hold up. The rally’s objectives were already fulfilled, so Tuesday’s gap up could have put into play extended targets. Instead, the session ranged sideways from the open. This pattern very often forms an Island Reversal that gaps down and corrects for 2-3 days before recovering.

Natural Gas Nov (NGX) Denial. Tuesday’s session-long strength was “ineffectual optimism” that failed to gain traction. And it only further delays the inevitable, to fill the outstanding gap at fresh lows.

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