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.
Gold's and the long bond's narrow ranging have created an eerie
sense of something volatile about to happen. The recent run-up in
crude oil may be only coincidental. In any case, a knee-jerk
reaction to news would get a benefit of the doubt, instead of just
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)
Tuesday's drop to new lows at 81.65 must now hold under 81.95 to
maintain the drop's momentum.
Jun Contract EC; (NYSEARCA:FXE)
The two-week old gap up to 1.3188 was filled Tuesday, and held. So
did a test of 1.3155 support. Back under 1.3120-1.3130 would now
signal momentum reversing down.
Apr Contract GC; (NYSEARCA:GLD)
Tuesday's pre-open surge back toward Friday's 1483.00 high was not
duplicated intraday. Early strength Wednesday would be credible for
extending up to 1532.50 before launching a new downleg to new lows
under 1390.00. Otherwise, a near-term dip could launch another
rally leg from testing 1429.50.
May Contract SI; (NYSEARCA:SLV)
Tuesday's ranging around 24.20 for a second consecutive session
makes any new strength capable of extending higher into the
Mar Contract US; (NYSEARCA:TLT)
Tuesday's retest of the 149-05 high reaction down to test the
148-16 pullback limit. The quick dip still seems a little premature
to reverse down already, but early weakness would still get a
benefit of the doubt for extending intraday.
Apr Contract CL; (NYSEARCA:USO)
Tuesday's test of the 93.25 pullback limit allows renewed strength
targeting 95.30 and potentially 96.00. Back under 92.85 would
instead target 91.00.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's recovery attempt didn't extend any higher Tuesday. Neither
was it rejected, so early strength Wednesday would be credible for
extending to new highs into and out of Thursday's EIA report.