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) Thursday’s open gapped down back to Tuesday’s late 81.00 high, forming the basis for an Island Reversal. Despite extending down initially, a bounce to fresh session highs probed back into Wednesday’s range, invalidating the Island pattern. Closing back above that bounce’s 81.13 high would resume the rally targeting fresh highs above 81.41, and closing under the bounce’s 80.77 origin would trigger a multi-session decline.

Gold Feb (GCG) Wednesday’s post-close drop to retest the morning’s lows around 1568.00 launched a bigger overnight bounce up to 1596.50. But another morning dive Thursday probed 1568.00 down to 1562.50. The balance of the session ranged sideways without buyers gaining traction. The pattern is not a Double Bottom, so it is unlikely to launch a durable rally. But another new low is possible.

Silver Mar (SIH) Fresh lows overnight fell to 28.12 before recovering overnight back to Wednesday’s 29.25 post-close high. Thursday’s intraday low held Wednesday’s 28.50 low to form an Inverted Head & Shoulders that could probe 30.00 so long as 28.85 now hold as support.

30-year Treasury Mar (USH) Wednesday’s probe above 143’26 consolidated Thursday, presumably prior to extending the rally to 145’15.

Crude Oil Mar (CLH) The decline’s momentum remained intact Thursday. A momentary bounce up to 96.00 reacted down to fresh lows under 95.00 that extended lower to 94.00 after the close. Opening Friday back above 94.50 would be vulnerable to extending sharply higher through Monday morning to at least test 97.40.

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