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.
Today’s Highlight Precious Metals plunged within hours of triggering their declines’ resumptions Friday. They also tested or attacked targets. The question now is whether a correction has ended, or if it is just getting started.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Monday’s ranging attacked the 79.90 buy signal, but never triggered it. No other signal was created.
Eurodollar Dec Contract (EC, ETF: (FXE)) Relatively narrow ranging Monday continued to gravitate back into 1.2950-1.2975 resistance, without generating any new signal that might put 1.3100 back into play.
Gold Dec Contract (GC, ETF: (GLD)) Immediately following Friday’s bearish close under 1760.00, Monday’s plunge came within $3 of the decline’s 1727.00 target. A $12-13 reaction up did not alter the target, which remains a current attraction unless 1736.50 were recovered through the close.
Silver Dec Contract (SI, ETF: (SLV)) The drop’s 33.00 target remained in-play throughout t last week. Perhaps its delay accounts for probing it so deeply Monday down to 32.57. Fresh lows should touch 32.25 so long as 33.25 is not recovered.
30-year Treasury Dec Contract (US, ETF: (TLT)) closing back down at 149-16 Friday had signaled that the morning’s test of 149-24 had overdone it by extending up to 150-07. Monday’s gap down that extended to 149-00 confirmed as much. Bouncing back up to test 149-24 intraday still fell back down toward 149-00. A close under 148-16 is still needed to reverse momentum down.
Crude Oil Nov Contract (CL, ETF: (USO)) Monday’s selling pressure finally broke under 91.20 support, extending down to test 89.80. An afternoon bounce probed back above 91.20 resistance. Extending higher immediately Tuesday would undermine sellers, and should extend higher to close above 93.00 if valid. Otherwise, closing back under 91.20 would signal taht 87.00 is now in-play.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Ranging narrowly Friday around the 3.58 target that had been met Thursday suggested the next higher target at 3.75 was in-play. If so, then Monday’s gap down that extended lower to test 3.45 support should be rejected, retraced and reversed without delay Tuesday.
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