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 (sorry, not available Monday November 28).
Dollar Basket Dec (DXZ) Having met the last upleg’s 79.70 objective, the pattern became vulnerable to at least correcting down. Monday’s open gapped down considerably to 79.10 and extended intraday to 78.95. Closing back above 79.30-79.35 resistance would have signaled the pullback had ended — it was still being tested at the close. If recovered, then at least last week’s 79.75-79.85 highs would be retested. Pullbacks meanwhile must hold 79.20 support.
Gold Dec (GCZ) Monday’s $30 gap up flat-lined throughout the day, and finished the day testing 1712.00 support. If not actually recovered, then another downdraft to 1686.00 is likely. But almost any aggressive strength early Tuesday would help to confirm that 1712.00 was recovered, and that 1744.00 is in-play.
Silver Dec (SIZ) Monday’s gap up from retesting the 31.00 area stopped pessimistically short of filling nearby gaps back up to 32.45 or 32.85, suggesting their attractions above will help to resume the rally Tuesday or Wednesday to fresh highs.
30-year Treasury Dec (USZ) Monday’s 2-point gap down to 142’00 bounced sharply off of 141’25 support, whose break two weeks ago would have triggered a new downleg. Its support this time launched a rally that retraced the entire gap down, filling the gap back to Friday’s close, and probably expending all the buying pressure that could have extended the recovery Tuesday had it been left outstanding overnight.
Crude Oil Mar (CLH) Despite surging at one point overnight up to 100.89, Monday’s regular session traded back under 98.00. That’s not necessarily bearish since the gap back to Friday’s 97.55 close was filled, and held as support through the close. It can be tested once more intraday without sellers gaining traction. Meanwhile, closing above 100.00 would target a retest of the recent ~103.00 highs.
Natural Gas Mar (NGH) Monday’s session-long slide from 3.70 down to 3.55 retraced all gains since last Monday afternoon’s surge. Closing back above 3.60 Monday would signal the drop had been absorbed, putting fresh highs into play targeting 3.75. A second consecutive close under 3.60 would all but ensure probing new lows under 3.45.
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