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) Wednesday’s gap up to new highs probed higher highs briefly intraday. But the afternoon essentially ranged around the open’s print. A gap down under 80.20 would form an Island Reversal of Wednesday’s range, targeting a corrective dip down to 79.55. The trend otherwise remains intact and next targeting 81.25.

Gold Feb (GCG) Sharply lower lows under 1635.00 fulfilled the next major objective at 1568.00. A corrective bounce up to 1594.00 resolved back down to test 1568.00 support throughout the afternoon, hovering optimistically above the morning’s low. Lower lows around 1568.00 have room for noise down to 1556.50, whose break would avoid another corrective bounce up to 1600.00.

Silver Mar (SIH) Gapping down from Tuesday’s 31.25 close extended lower Wednesday to 28.53. There is potential for extending down to 27.40 so long as bounces now hold 30.10 as resistance.

30-year Treasury Mar (USH) Wednesday’s flight-to-quality extended above 143’04 and even closed above 143’26 to make 145’14‘s test likely. Closing Thursday back under 143‘26 would undermine Wednesday’s rally, but not reverse it or invalidate 145’14.

Crude Oil Mar (CLH) Tuesday’s surge up to 101.55 in reaction to closing the Straits of Hormuz had seemed somewhat singular and muted compared to the gravity of the news. Wednesday’s gap down erased all of Tuesday’s gainand extended sharply lower to 94.65. Closing back above 97.40 would qualify as a buy signal, but there is otherwise no active signal.

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