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 Not available this Wednesday, Nov 30.

Dollar Basket Dec (DXZ) The spike down from 79.15 on intervention immediately filled an outstanding gap below back down to 78.44. Lower lows were recovered so the gap held as support through the close. Launching Wednesday’s drop from an Tuesday’s “inside day” makes it unlikely to gain traction, and still fits the corrective dip scenario — albeit exaggerated by the intervention.

Gold Dec (GCZ) The potential to 1744.50 was fulfilled by Wednesday’s intervention. Closing any higher would put into play a test of 1757.00, which can be invalidated at this point either by closing back under 1744.50 Thursday, or at any time back under 1727.00.

Silver Dec (SIZ) Wednesday’s strength in reaction to the intervention was relatively muted compared to strength elsewhere. This undermines whether a bigger rally is getting underway, at least not before first retesting 31.40 support.

30-year Treasury Dec (USZ) While waiting for the drop to resume, the drop resumed. A gap down back to 141’25 probed it down to 141’07, but held its support through the day. A brief corrective bounce should then resolve down to resume the decline. Again.

Crude Oil Mar (CLH) The retest of Sunday night’s 101.89 high was fulfilled before Wednesday’s open on the intervention news. It held as resistance through the close, but wasn’t rejected. Any early strength Thursday would be credible for extending higher to also fulfill the retest of the recent high in the 103.00 area.

Natural Gas Mar (NGH) Tuesday’s 61.8% retracement of Monday’s drop held natural resistance. Wednesday’s lack of follow-through confirms that buyers gained no traction for the effort.
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