The following are the latest daily summaries of my ongoing
intraday coverage, providing context to interpret price action. Any
prices listed are for a contract's current "front month." Their
direction tends to correlate with any
listed for each.
Crude oil's two consecutive deep intraday/overnight drops probably
have earned at least an obligatory fresh high, presumably by a
minimum $2 margin, if not much more.
Editor's note: Rod's analytical techniques are designed to
efficiently identify targets and turning points for any liquid
stock or market in any time frame. He applies his techniques live
intraday, primarily to S&P futures, at
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Despite having retraced Monday's fresh highs back to the 82.80
bounce limit, Tuesday's open gapped up and ranged sideways around
Monday's 83.05 high. Delaying the decline's resumption any longer
would all but require extending the rally to fresh highs.
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's gap down recovered only enough for the balance of the
session to range around the 1.3020 prior low. Its immediate
recovery is not only likely, but also required in order to resume
the rally before testing 1.2955 and probably breaking lower.
Apr Contract GC; (NYSEARCA:GLD)
Monday's dip to 1418.00-1420.00 was probed overnight instead of
recovering the 1432.50 buy signal. The deeper dip to 1408.00 and
1404.00 still closed back above the 1409.00 prior highs. Recovering
1421.00 would now trigger another rally leg targeting 1441.00 and
May Contract SI; (NYSEARCA:SLV)
Recovering Monday back above 23.25 had failed to close above the
23.55 buy signal, so Tuesday's open wasn't inhibited from gapping
down under 22.90 and probing new intraday lows at 22.55. That's
still above last week's 22.43 overnight low, and now back above
23.25 would signal momentum reversing up.
Mar Contract US; (NYSEARCA:TLT)
The 149-14 target attracted price higher overnight to 149-06, but
Tuesday once again was more about testing and holding the 148-00
Apr Contract CL; (NYSEARCA:USO)
Despite having recovered back above the morning's highs, Monday's
volatile dip into negative territory was retraced overnight. And
despite retracing the dip to produce a gap down Tuesday, the
balance of the session recovered back to Monday's highs. A fresh
high targeting at least 91.05 remains likely.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The retracement of Thursday's surge extended lower Monday night to
test 4.21. Any lower would require a new accumulation pattern to
form before triggering a buy signal.