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) Friday’s gap down probed positive territory briefly, but otherwise ranged exclusively in negative territory. Fresh lows Monday testing the 78.55 area should reverse up sharply into positive territory to resume the rally, which any recovery above 79.00 would signal. Closing under 78.50 would undermine the recovery potential.

Gold Feb (GCG) Thursday’s drop back to the 1708.00 prior lows already made fresh lows likely down to 1693.50 and 1684.50. Friday’s relatively shallow bounce holding 1718.00 keeps the downtrend intact.

Silver Mar (SIH) Friday’s gap up extended higher intraday to attack 32.40 by late-morning, which held through the close, stopping short of probing the resistance that got the prior week’s rally and the mid-week rally into trouble. Extending higher Monday from this patient buying would be credible for extending higher. Otherwise, another reaction down from resistance is likely.

30-year Treasury Mar (USH) Probing above the bounce’s 142’22 target was likely to react down sharply. Friday’s fresh high was only 1 tick higher, not 12 ticks to 143’04, but the reaction down to 140’28 was substantial. Closing any lower Monday would target a retest of 140’03, and its likely break to new lows.

Crude Oil Mar (CLH) Friday’s gap down from Thursday’s channel reversed up into the channel’s range, and then through it. The reversal should extend more substantially than the false break below it, potentially targeting a test of 103.00 so long as 98.75 holds as support.

Natural Gas Mar (NGH) Thursday’s failure to exploit Wednesday’s opportunity to trigger a buy signal suffered the consequence of gapping down to new lows. There is no potential for a buy signal to trigger on Monday.

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