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) Getting out of quicksand. Wednesday’s open gapped down to probe into 76.80-77.00 support, then bounced to almost fill the gap back to Tuesday’s 77.47 close. Having avoided closing back under 76.80-77.00 for two consecutive sessions, the rally is substantially likely to extend higher.

Gold Dec (GCZ) Too fast for its own good. Retesting 1724.00 too quickly was likely to hold resistance and react down. Wednesday’s open tested 1724.00, extended higher to fill the gap back to Friday’s 1744.30 close, then reversed back down to test 1724.00 as support.

Silver Dec (SIZ) Strength in (limited) weakness. Wednesday’s open gapped up to Tuesday’s 33.66 high, which Tuesday afternoon noticeably avoided retesting. Higher highs intraday nearly filled the gap back to Friday’s 34.45 close. Closing back under 34.20 then signaled that the bounce gained no traction.

30-year Treasury Dec (USZ) Weak, but so what. Tuesday’s lack of intraday gain was vulnerable to a pullback. Wednesday’s open gapped down and probed fresh lows down to 140’24. But it is too soon to signal momentum reversing back down, and the gap back to Tuesday’s close was filled.

Crude Oil Dec (CLZ) Reloading sellers. Closing back above 90.75 Tuesday signaled that the topping pattern was ongoing. Wednesday’s bounce to 93.79 stopped short of probing fresh highs above 94.20, which might be necessary before the top is sealed.

Natural Gas Dec (NGZ) Don’t bother. Didn’t. No surprise by Wednesday extending Tuesday’s drop, after Monday had failed to confirm Friday’s buying. Still monitoring.

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