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) Monday’s open gapped up to test Thursday’s 78.57 prior high, which held as resistance through the close despite having probed briefly higher. Now any delay in extending above 78.57 at an accelerated pace would be bearish.

Gold Dec (GCZ) The next lower pullback objective at 1700.00 was tested before Monday’s open, then broken later on the way down to 1667.00. Now 1659.00-1660.00‘s test is likely until recovering 1700.00.

Silver Dec (SIZ) The requirement to fill the gap back to Thursday’s 31.40 close was fulfilled Sunday night. Its likelihood also to retest the 31.00 low was fulfilled overnight. And again intraday down to 30.65 after an interim bounce held 31.40. To confirm the selling was absorbed, the session closed with a rally above 31.60 — which also helps to confirm the expected outperformance vs. Gold.

30-year Treasury Dec (USZ) Friday’s drop probed under 142’16 whose break through the close would have triggered a downleg. Monday’s reaction gapped up to last week’s 143’21 high and ranged around it through the day without closing above it, so buyers gained no traction. Closing back under 142’16 would again signal momentum reversing down.

Crude Oil Mar (CLH) Extending the correction down further Monday was in-line with completing a correction, instead of rallying prematurely into a Double Top. A bounce has room up to 97.70 and 98.30 before signaling a new rally leg is underway.

Natural Gas Dec (NGZ) Remaining under pressure through Monday morning fulfilled the expected follow-through from Friday’s weakness, although that pressure did not produce a new low. A steep surge into the noon hour was the session’s only strength, but it would be bullish if followed by closing Tuesday above 3.44.

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