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 rally Sunday night made good on Friday's warning to bears.
The 38.2% retracement back to Friday's lows keeps the door wide
open to extending the rally sharply higher Tuesday.
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)
Monday's probe of fresh highs up to 83.05 was reversed back down to
test 82.80 and maintain the potential for resuming the decline to
Jun Contract EC; (NYSEARCA:FXE)
Monday's test of 1.3020 support held, but the rally's resumption to
at least test 1.3200 still requires extending above 1.3105.
Apr Contract GC; (NYSEARCA:GLD)
Friday's "warning shot across the bow" above 1395.00-1400.00 was
followed by Sunday night's direct hit that took price up sharply to
attack 1441.00 before the open. The regular session's dip held
1418.00-1420.00 and back above 1432.50 should now resume the rally
through 1441.00 to 1456.00.
May Contract SI; (NYSEARCA:SLV)
Monday's gap up back to 23.55 held as resistance through the day,
while 23.25 held as support, allowing the rally to 24.15 to resume
if there is no further delay or dip.
Mar Contract US; (NYSEARCA:TLT)
Monday's retest of the 148-19prior high held the 148-00 pullback
limit to maintain potential up to 149-14.
Apr Contract CL; (NYSEARCA:USO)
Monday's gap up filled the gap back to last Tuesday's 89.00 close.
Its intraday reaction down into negative territory was recovered
back to the morning's highs, suggesting that 91.05 would be tested
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's failure to confirm Thursday's surge allowed Monday's gap
down, which retraced a healthy 61.8% of the breakout down to 4.26.
Back above 4.35 would resume the breakout.