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.
Has the euro finally launched a new downleg? Without confirming
Thursday's drop on Friday, a much bigger rally could soon be
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)
81.45's recovery Wednesday was extended sharply higher Thursday. A
second consecutive higher close Friday - preferably above 82.10 -
would confirm a new rally leg is underway.
Sep Contract EC; (NYSEARCA:FXE)
Testing and retesting of 1.3333 finally gave way to sharply lower
lows Thursday. The delay requires a second consecutive lower close
Friday to confirm that a new downleg is actually underway,
preferably under 1.3220.
Oct Contract GC; (NYSEARCA:GLD)
Wednesday's failure to confirm Tuesday's breakout enabled a deeper
pullback Thursday that held its 1405.50 pullback limit. A retest of
Wednesday's 1428.30 opening gap is now likely.
Dec Contract SI; (NYSEARCA:SLV)
Wednesday's key reversal wasted no time filling both outstanding
gaps below down to 23.80. A retest of Wednesday's 24.93 opening
print is now likely.
Sep Contract US; (NYSEARCA:TLT)
Thursday's initial follow-through from Wednesday's drop back to
132-10 held a test of 131-30 instead of closing under it to confirm
momentum had reversed down.
Oct Contract CL; (NYSEARCA:USO)
The shock to the system of having probed the 110.65 target
temporarily up to 112.25 was still being absorbed Thursday. There
is no new signal.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's early strength to test 3.65 ultimately created extra
room to absorb a negative knee-jerk reaction to the EIA report down
to 3.51. The recent range held its probe from above, and recovered
into the close above 3.57. The rally can now extend so long as 3.54
holds as support.