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.
Crude oil's bounce into the weekend didn't leave any unfinished
business below, and faced two days of illiquidity, but buyers
weren't very enthusiastic. They did neutralize an upside
attraction, but gained no traction for the effort. The lows should
be retested, whether to form a more durable bottom, or to extend
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 disappeared before Friday's open, but the
session only ranged sideways around unchanged. Probing above
Friday's highs would target a test of 80.05-80.10 as resistance.
Dec Contract EC; (NYSEARCA:FXE)
The sequence suggested not confirming Thursday's fresh high close,
and although higher highs were probed to test 1.3835 before
Friday's open, the session only ranged sideways around Thursday's
close. Almost any break under 1.3770 would be credible for
launching a downleg.
Dec Contract GC; (NYSEARCA:GLD)
Friday's gap down recovered back above 1341.00 into positive
territory to confirm the rally next targeting 1360-1362.00. A delay
in extending higher should hold any test of Friday's 1339.40
opening gap as support before recovering to resume the rally, which
now requires at least one more higher close.
Dec Contract SI; (NYSEARCA:SLV)
Gapping down Friday held a test of 22.50 to avoid signaling that
momentum was reversing down. The gap back to Thursday's close
should attract price higher to resume the rally next targeting
Dec Contract US; (NYSEARCA:TLT)
Narrow ranging still contained with the high session's range
further reflects "ineffectual optimism" that undermines any attempt
to resume the rally.
Oct Contract CL; (NYSEARCA:USO)
Friday's shallow gains fulfilled expectations for bouncing further
before resuming the decline. The 98.05 high even filled the gap
back to Tuesday's close, neutralizing its attraction above that
might otherwise inhibit a decline. Closing back under 97.35 would
signal the decline had resumed.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Despite gapping up and closing at a fresh high Friday, and despite
Thursday's test of 3.55 support, it's tough taking buyers seriously
when the decline created the requirement for at least one more
fresh low close. But closing Monday above the 3.71-3.72 "higher
prior lows" resistance would get every benefit of the doubt for
extending higher. Otherwise, closing under 3.63 would signal the
drop had resumed, targeting fresh lows.