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 extended its pullback Monday instead of resuming its
rally, which had resumed prematurely last week. That might have
bought some time for a little more accumulation to extend the
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)
Having held 83.00 resistance into the weekend, the decline was
vulnerable to extending. Monday's fresh lows down to 82.15 must be
rejected back above 83.00 Tuesday to avoid extending the decline.
Jun Contract EC; (NYSEARCA:FXE)
Friday's test of 1.3145 resistance jeopardized the decline's
resumption. Monday's open had extended the bounce to fresh highs
testing 1.3220. A second consecutive higher close Tuesday would
confirm a bigger rally leg underway. Otherwise, the decline should
resume with a vengeance sometime before Wednesday's open.
Aug Contract GC; (NYSEARCA:GLD)
The window had all but closed for resuming the drop that began
Wednesday with its pivot reversal since Thursday's test of 1285.00
resistance wasn't rejected before Friday's open. Sunday night's
surge and Monday's extension tested 1335.00. Probing above 1335.00
Tuesday but holding it again as resistance would signal at least a
corrective dip underway targeting 1321.00 or 1297.50.
Sep Contract SI; (NYSEARCA:SLV)
Gapping up through 20.00 allowed the session to extend higher,
leaving at least two attractions outstanding below at 18.88 and new
Sep Contract US; (NYSEARCA:TLT)
Despite extending Monday's gap up above 135-16 higher intraday, it
was retraced to test 135-16 into the afternoon. But filling the gap
back down to 132-24 is still compromised if the drop isn't resuming
aggressively by mid-morning Tuesday.
Aug Contract CL; (NYSEARCA:USO)
Failing to produce a second consecutive higher close Friday
prevented entrenching the rally's momentum. Monday's dip back down
to within a dime of the rally's prior target of 106.15 basis Sep
(106.35 basis Aug) must react back up above 107.70 Sep (108.00 Aug)
to reinstate momentum to the next higher target at 110.50
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's break under 3.73 was not timid. But it did leave
outstanding the gap back up to Friday's close that will need to be
filled, and which should inhibit extending down meanwhile.