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) Although Monday’s gap down was recovered entirely, the session avoided a second consecutive higher close that would have confirmed Friday’s breakout. Now a close above 78.90 is needed to trigger a new breakout targeting fresh highs above 80.00.
Gold Feb (GCG) Closing back under 1745.50 would have triggered a bigger dip targeting 1720.00. It was attacked to within nearly $1 after Monday’s close. A fine-tuned target would be nearer to 1718.00, which must launch a sudden recovery back above 1731.00 to avoid a bigger meltdown. Otherwise, simply closing back above 1735.50 would already signal momentum reversing up.
Silver Mar (SIH) Sideways ranging Monday helped to absorb Friday’s reaction down from having gapped up. Gapping up Tuesday above 33.00 would target 33.65 resistance. Closing above it — which is not at all assured — would target 34.50, and avoid a bigger dip.
30-year Treasury Mar (USH) Closing Friday above 141’18 had put into play a test of 142’22. Gapping down Sunday night back under 141’18 — and repeatedly holding tests of its resistance — allowed Monday’s open to gap down to 140’18. It was recovered entirely, re-opening the door to test 142’22, but no longer requiring it. There is also equal opportunity to retest 140’18 below.
Crude Oil Mar (CLH) Monday’s opening gap up to the 102.50 area prior high found natural resistance there that lasted throughout the day. Its reaction down filled the gap back to Friday’s close, which held as support through the close. Although the prior high’s retest was likely, and is likely ultimately to hold as resistance, Monday’s quick reaction down was a little impatient.
Natural Gas Mar (NGH) The consecutive sessions of expending buying pressure without gaining traction for the effort were proved by Monday’s open gapping down to a new relative low and extending back to prior lows. There can be no immediate buy signal following this sequence.
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