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.
The weekend had plans for crude oil, and those plans differed from
the open's gap up. Its reversal into negative territory isn't a
sell signal, but it suggests that a higher high will also find
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)
Thursday's ranging around 83.00 resistance was not recovered
Friday, requiring any rally to recover 83.33 before confirming its
strength as being more than noise.
Jun Contract EC; (NYSEARCA:FXE)
Friday's session was spent entirely in positive territory, holding
a test of 1.3145 resistance. Just firming that much does jeopardize
the decline's resumption, especially if the decline has not resumed
through Monday's open.
Aug Contract GC; (NYSEARCA:GLD)
Gapping up Friday and then firming did not resume the pivot
reversal setup that had formed Wednesday. While the reversal hasn't
been rejected back above 1294.70, its window for extending has all
but closed, leaving only a small opportunity at Monday's open (if
not Sunday night) to be obvious.
Sep Contract SI; (NYSEARCA:SLV)
Friday's narrow ranging inside day did not offer any evidence of
the recent drop trying to recover.
Sep Contract US; (NYSEARCA:TLT)
135-16 resistance was retested again Friday, instead of Thursday's
test extending down for a second consecutive lower close. Now
almost any early strength would be vulnerable to extending sharply
higher, leaving only a small window for sellers to retake control.
Aug Contract CL; (NYSEARCA:USO)
A second consecutive higher close was attempted Friday by extending
Thursday's rally up to 109.30. But the session reversed into
negative territory to 107.50. Extending higher Monday to test the
rally's 110.65-110.75 target would be vulnerable to reversing down
Aug Contract CL; (NYSEARCA:UNG, UNL)
Friday's gap down spent the entire session ranging narrowly
sideways in negative territory without extending down. That was not
bearish. But it also avoided extending Thursday's rally to a fresh
high, which would have confirmed a rally underway. Monday and
Tuesday could still offer a similar two-day signal, so long as 3.73
holds as support.