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) Half-hearted try. Thursday’s break to fresh lows was not confirmed Friday. This “ineffectual optimism” makes a fresh low likely, since Monday’s gap up only ranged sideways without bothering to fill the gap back to Thursday’s close. No earlier rally would be credible.
Gold Dec (GCZ) Could be game-changer. Friday’s session was “ineffectual pessimism.” Gap down and trade exclusively in negative territory, but without trending down. This suggests a fresh high will print Monday. Regardless, closing under Friday’s 1733.00 low would suggest at least a multi-session corrective dip underway, or else a new downleg.
Silver Dec (SIZ) Time for a break. Having met its 33.50 target overnight, even more room was allowed for a pullback to refuel. But overnight and intraday dips were very shallow. There was room down to 34.60, or even to 33.20, but only 34.71 was touched momentarily. Target met, shallow pullback, no further gain… extending any higher would require extending higher without delay — and maintaining the gain through the close.
30-year Treasury Dec (USZ) Refueling, for now. Bounce potential to 136’20 was tested, as was resistance at 137’00. Their 136’10 interim low was retested as support. Closing under it would have been bearish, so closing above 136’20 might allow a probe above 137’00 before resuming the decline.
Crude Oil Dec (CLZ) Hiding out doesn’t reflect strength. Thursday’s inside day was followed by another Friday. This all but confirms Wednesday’s dip did gain traction, making a new downleg likely once the current consolidation range ends. That might require a momentary probe of fresh highs above 94.35. But any close under 90.75 would signal the new downleg already underway.
Natural Gas Dec (NGZ) Up Monday, then up week. With Nov having filled its outstanding gap below after Thursday’s EIA report, Friday needed to rally to avoid trending to new lows. Just standing still would have been bearish. The open gapped up and the session extended higher, which would be very bullish if repeated Monday, as this market tends to do.
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