Daily Spot: Week ender.
A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]
Dollar Basket Mar (DXH) Pushing on a string. The week’s rally was already tired, so Friday’s gap up to new highs was reversed into negative territory. A bounce filled the open’s gap up and neutralized its attraction, and the bounce also prevented leaving pent-up buying pressure through the weekend. Back under 81.10 would target 80.50 or 80.00.
Gold Feb (GCG) Semi-recovers after dropping like a rock. Friday morning’s drop to new lows at 1352.70 was retraced to test 1378.00 resistance. Its recovery would signal a corrective bounce underway targeting 1387.50-1390.00. The correction would probably also target 1403.00-1404.00 thanks to Friday morning’s extra drop, and the afternoon’s drop having bounced from within 20 cents of the 1365.00 sell signal.
30-year Treasury Mar (USH) Was the intra-week’s drop for real? Came within 1 tick Friday of touching 121’14 whose recovery would have triggered a new upleg. Otherwise, the bounce from Wednesday’s dip under 119’18 has ended a corrective bounce, and back under 120’14 would resume the decline next targeting 118’00.
Crude Oil Feb (CLG) Slippery slope. Held tests of 89.35-89.40 resistance to avoid triggering another corrective bounce, and slid instead to new lows at 87.25. The close was trying to recover back above prior lows up to 88.10. Sellers didn’t clearly gain traction, but they weren’t trapped either. Closing under 87.60 would target 84.25.
Natural Gas Feb (NGG) Slow-playing a recovery can be dangerous. Held 4.40 as support Friday, the gap back to last Friday’s close that had been filled already Thursday, but has yet to bounce off of it. At least it recovered from probing a lower low. Still need a close above 4.55 to signal buyers regaining control.
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Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Softs (Fri, coming).