Daily Spotlight: Week ender.

A weekly summary of one complex, including daily updates of other developments elsewhere.

[pay]Dollar Basket Dec (DXZ) Thursday’s close at or under 81.50 seemed a little premature. In fact, Friday ranged sideways. The consolidation isn’t required to last any further, but the decline’s resumption Monday would be unusual after not trending Friday.

30-year Treasury Dec (USZ) Thursday morning’s break under Wednesday’s range had not gained traction. Friday’s open gapped up back into Wednesday’s range, but settled essentially unchanged. The decline is free to resume.

Crude Oil Oct (CLV) Prospects for another corrective bounce leg are all but gone after Friday’s decline back to September’s lows. A close back above 74.55 might be able to gain traction, but otherwise 71.40 is next targeted.

Natural Gas Oct (NGV) Thursday morning’s retest of recent lows stretched the rubber band to create buying pressure. It could have compounded if left pent-up overnight, but it was fully exploited that afternoon. Friday’s dip may have corrected it, and back above 4.09 would resume the rally.

Gold Dec (GCZ) The week ended with another “ineffectual optimism” session. Thursday and Friday each gapped up, probed fresh highs, and ranged exclusively in positive territory. Thursday held the same resistance that was tested Tuesday, while Friday closed within Thursday’s range. It’s not a sell signal, but it does reflect the weak-handed sponsorship of this move.
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Share your questions and comments in this blog post’s Comments section, or during the chartroom’s What’s Next morning market tour, and in the day’s end Markets on Close…

Weekly Spotlight coverage’s schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Softs (Fri, coming).