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.
Gold's double-digit drop Sunday night came close to satisfying
targets before bouncing sharply intraday. Avoiding new lows is
still unlikely. Meanwhile, crude oil behaves as if it wants to put
in more than a corrective bounce.
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)
Monday's dip eventually probed under the 83.95 pullback limit. A
second consecutive lower close Tuesday would confirm it failed to
hold. Otherwise, closing back above 84.45 would signal the rally
resuming to 85.30.
Jun Contract EC; (NYSEARCA:FXE)
Gapping up slightly and firming throughout the day did not
undermine the potential for resuming the decline to 1.2745.
Apr Contract GC; (NYSEARCA:GLD)
The extended 1333.00 target was attacked twice to within $3 Sunday
night. Its reaction up to 1398.00 Monday was excessive optimism,
although so was the pre-open surge to 1362.00. Back under 1357.00
would resume the decline targeting new lows. Closing above 1383.00
for two consecutive sessions would signal a bigger bounce underway
May Contract SI; (NYSEARCA:SLV)
Sunday night's steep drop to 20.25 was reversed up sharply to test
23.25, whose recovery is the minimum requirement to signal the
trend reversing up. Otherwise, at least a retest of 21.80 is
Jun Contract US; (NYSEARCA:TLT)
Monday's gap up was soon rejected, and the 143-13 sell signal was
attacked. Recovering Monday's high above 144-18 may be the only
path to avoid probing new lows.
Apr Contract CL; (NYSEARCA:USO)
96.00 was finally exceeded, aggressively, testing 97.10. Pullbacks
should now 96.00 as support for the rally to extend to 98.10, and
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's recovery to the 4.05 buy signal was bullish, and Monday's
open extended without delay to the 4.16 target. The reaction down
from there held 4.05 as support, but 4.16 is still the buy signal
for triggering a new rally leg.