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 relative calm compared to other market Sunday night and
Monday morning suggest that it cannot attract new selling
sponsorship. So it should outperform on any whiff of commodities
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)
The rally extended higher initially Monday, but eventually retraced
to unchanged. Sellers gained no traction, and the open's gap up
above was left outstanding, so no sell signal was created or
Jun Contract EC; (NYSEARCA:FXE)
The decline extended lower initially Monday, but eventually
retraced to unchanged. Buyers gained no traction, and the open's
gap down below was left outstanding, so no buy signal was created
Aug Contract GC; (NYSEARCA:GLD)
Overnight highs testing 1300.00 were reversed into negative
territory before Monday's open, eventually testing 1275.00, as the
wide volatility in this area becomes more entrenched.
Jul Contract SI; (NYSEARCA:SLV)
The decline's 19.37 target was retested Monday, and produced a
shallower bounce than last week. There remains potential for
probing fresh lows down to 18.88-19.00.
Sep Contract US; (NYSEARCA:TLT)
The drop extended down sharply overnight to test and retest the
133-24 target, which was later probed down to 133-04. It was all
recovered, filling the gap back to Friday's 135-01 close. Its
resistance held through the close, and the gap back down to
Monday's 133-12 open remains outstanding to attract price down
before a durable bottom can form.
Jul Contract CL; (NYSEARCA:USO)
Monday morning's intraday weakness held Friday's ~93.15 lows after
recovering from under 92.70 overnight. Ranging narrowly through the
noon hour produced a bounce to 95.60, attacking the 96.00 buy
signal. The rally should extend higher without much delay if a new
downleg will be avoided.
Jul Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's downtrending session filled the gap back to the prior
Friday's 2.76 close, neutralizing its attraction below. Recovering
to close positive after probing fresh lows intraday Tuesday would
help to form a bottom.