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.
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Dollar Basket Dec (DXZ) Monday’s gap up well above the 79.00 signal extended sharply higher intraday to come within a dime of filling the outstanding gap back up to 79.80. This is only a minimum objective to the rally, which remains intact so long as pullbacks now hold 79.40 as support.
Gold Feb (GCG) Despite having closed Friday at 1718.00 resistance, Monday’s open gapped down to the decline’s next lower target at 1684.50 and extended to almost 1660.00. Just closing under 1684.50 next targets 1635.00, whose break would probe under 1600.00.
Silver Mar (SIH) A break above resistance without delay was needed to avoid another reaction down. But Monday’s open gapped down sharply and extended lower to test meaningful support at 31.00. Closing under it would trigger a new downleg.
30-year Treasury Mar (USH) Early overnight attempts to extend Friday’s decline failed as equity markets began falling. Monday’s gap up above 141’18 itself only firmed briefly to 142’14 as the session’s inside day left unfinished business below from the gap back to Friday’s 141’05 close.
Crude Oil Mar (CLH) Friday’s late recovery back above the 99.00-99.40 channel kept alive bottoming potential. Monday’s gap down back under the channel called it back into question. The balance of the session only ranged sideways narrowly, but no buy signal can now trigger from under 99.40.
Natural Gas Mar (NGH) Being a market that tends on Monday morning to duplicate Friday’s action, Monday’s open extended Friday’s 3.49-3.36 slide to new lows by gapping down to another new low at 3.28. The balance of the session ranged sideways and the pattern remains bearish so long as 3.42 is not recovered.
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