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Bonds “US” (Sep)
Coverage for June 27
Monday's gap up peaked upon testing last week's high. Tuesday's inside day didn't correct any of Monday's gain, nor did it extend Monday's gain. This setup begins to border on being "ineffectual optimism." The pattern can't afford to hesitate or delay resuming the gain to probe 108'00, or else sellers will gain traction for the required retest of June 13's gap.
(Basis Sep) Long above 108'18 for
110'00 and 111'00 targets,
108'06 stop
Crude Oil “CL” – mini “QM” – (Aug)
Coverage for June 27
Monday's recovery had stopped short of actually closing positive on the day. That left the door open for a drop Tuesday that filled the gap back to Monday's open. The gap's first test produced a bounce, but Monday's lows were being tested at Tuesday's close. Buyers are starting to lose credibility, and regardless of the pattern's eventual resolution another dollar-drop to 66'50 is growing likelier.
(Basis Jul) Long above 63'85 (met 5/14) for
66'25 (met 5/18) and 68'00 (met 6/15) targets,
66'30 (met 5/22) stop
Gold “GC” – mini “YG” – (Jun)
Coverage for June 27
Tuesday's open gapped down to probe Thursday and Monday's lows, attacking the two-week old prior lows. The two consecutive gaps down might have expended selling pressure that would be sorely missed just when it was needed most for breaking to new lows. But the open's drop extended down after all to test 643'00 where a lower close would confirm that the next trending leg was underway. Meanwhile, a close above 647'00 would signal that Tuesday's new relative low was instead a false breakout, and that a steep rally was underway.
(Basis Jun) Short under 685'00 (reinstated 5/9) for
666'50 (met 5/10) and 648'00 (met 6/8) targets,
657'00 stop (met 5/29)
Dollar “DX” (Jun)
Coverage for June 27
Tuesday's open extended Monday's slide and spiked down to a new relative low attacking the next target at 81'90. A gap up Wednesday would help to form a bottom, but the trend otherwise remains down.
(Basis Jun) Long above 81'50 (reinstated 5/16) for
82'90 (met 6/8 within 2 ticks) and 84'35 targets,
82'25 stop (met 6/4)
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