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 ETFs listed for each.
What FOMC giveth, the hangover taketh away... as was the case this
week with crude oil. Its two-day $4 rally revisited the last
bounce's target, all but requiring a new rally leg. But buyers were
tired and in need of a rest.
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
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Fresh lows overnight down to 80.15 were not tested intraday, which
bounced to 80.55. Retesting the overnight low before extending any
higher would be likely to form a bottom. Otherwise, extending any
higher would target 81.00.
Dec Contract EC; (NYSEARCA:FXE)
Fresh highs overnight essentially tested the next higher resistance
at 1.3580. A pullback has room down to 1.3485 before starting to
signal a more substantial drop underway targeting 1.3333.
Dec Contract GC; (NYSEARCA:GLD)
The 1363.00 target had been met soon after the 1341.00 target,
further pressuring the rally's momentum. The next higher resistance
at 1377.00-1381.00 is likely to hold if tested prior to at least a
modest corrective pullback, preferably a pullback all the way back
down to 1341.00.
Dec Contract SI; (NYSEARCA:SLV)
Wednesday's recovery extended higher after the FOMC news, attacking
the 23.55 resistance. Its test is likely so long as 23.00 holds as
Dec Contract US; (NYSEARCA:TLT)
Probing above 132-00 created room for a pullback down to 131-10
while keeping alive potential that a bottom has been forming. The
pullback's test must resolve up into the weekend, or else breaking
back under 131-02 would signal a new downleg underway.
Oct Contract CL; (NYSEARCA:USO)
The recovery extended higher Wednesday's night to probe above
108.75 resistance. Although its test reacted down to test 106.75
intraday Thursday, retesting 108.75 was probably more for chipping
away at resistance than for refueling sellers.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Fresh high up to 3.82 on the EIA report were reversed down sharply
intraday to 3.68. Wednesday's low held, but not by enough for
confidence in resuming the rally. Any lower low would reverse