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.
Not extending its rally Wednesday suggests that crude oil's higher
targets are invalid. Not rallying immediately Thursday would
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
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Wednesday's rally tried to retrace all of the prior two sessions'
decline, which would signal the decline had ended, but must now
recover 82.75 to avoid resuming and extending the decline.
Sep Contract EC; (NYSEARCA:FXE)
Wednesday's decline tried to retrace all of the prior two sessions'
rally, which would signal the rally had ended, but must now break
back under 1.3145 to resume and extend the rally.
Aug Contract GC; (NYSEARCA:GLD)
Consolidating under 1335.00 Tuesday instead of above it made fresh
highs likelier than a corrective dip. Although fresh highs came
immediately after the close and extended considerably up to
1348.70, Wednesday immediately reversed and extended back down to
1312.70., with potential down to 1297.50 if not recovered
immediately back above 1335.00.
Sep Contract SI; (NYSEARCA:SLV)
Wednesday's test of 20.00 was still being tested, and must hold
Thursday in order to avoid extending down to 18.88.
Sep Contract US; (NYSEARCA:TLT)
Wednesday's half-point gap down could not confirm Tuesday's drop
from 135-16 was a momentum reversal, but extending down to test
133-16 did, suggesting 132-24 is in-play.
Sep Contract CL; (NYSEARCA:USO)
Tuesday's intraday recovery had stopped short of probing above
Monday afternoon's high, which would have been optimal for
signaling momentum reversing up, signaled above 107.70. Wednesday
exploited the vulnerability and extended down to fresh lows testing
104.80. Reversing up immediately Thursday back above 105.75 would
be credible for extending higher intraday. The drop otherwise has
room down to 104.25 before considering it to be a new down leg.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wedneday's initial weakness was recovered to fresh highs at 3.78,
but a reversal into the afternoon fell sharply to test 3.69, again
avoiding a confirming close above the 3.73 buy signal.