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 session narrowly avoided forming an Island Reversal out of Wednesday’s session. That did not prevent Friday’s open from extending the pullback. But it inhibited Friday’s gap down from extending. In fact, the gap back up to Thursday’s close was filled.
Gold Feb (GCG) A third bounce off of testing 1568.00 support — the biggest bounce, yet — once again probed the 1595.00 bounce limit. This time momentarily touched 1603.50 before reversing back down to end the session ranging around 1595.00. This bounce is still not expected to gain traction into anything more durable, and filling the gap down to Thursday’s 1577.00 close is likely to visit new lows down to 1556.50.
Silver Mar (SIH) The low’s inverted Head & Shoulders produced a rally Thursday night tat stopped 7 cents short of touching its 30.00 objective. Regardless, the bounce may extend to higher targets at 30.37 and 31.00 so long as pullbacks now hold 29.80 as support. Closing under 29.10 would signal a probe underway of new lows initially targeting 27.95.
30-year Treasury Mar (USH) Stock market weakness enabled the rally through 143’04 Tuesday to hold 143’26 support Thursday. But there was no such weakness while the rally extended up to its 145’14 target Friday. Regardless, buying pressure has been satisfied. There is room to range around 145’14 up to 145’28, but closing any higher would extend the rally significantly. Closing under 144’12 would signal momentum reversing down for at least a multi-day correction.
Crude Oil Mar (CLH) The opportunity for rallying Friday would have triggered by opening above 94.50. But an overnight probe above it was already retracing into the open, and extended down to 92.95. The close recovered back above 94.00, which is also back above Thursday’s lows. So, sellers expended more energy without gaining traction for their efforts. Now, closing above 95.25 would trigger a rally underway.
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