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 rallied sharply Sunday night, but it did not really rally at
all after Monday's open. Despite the degree of the overnight rally
and not yet rejecting it, it's difficult to give its sponsorship
much credibility for more than a corrective bounce.
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 "inside day" trended with too shallow of a slope - if it
trended intraday, at all - for there to be any new bias.
Jun Contract EC; (NYSEARCA:FXE)
Monday's gap up extended too slightly for its sponsorship to be
Aug Contract GC; (NYSEARCA:GLD)
Sunday night's probe above the 1226.50 bounce limit extended to
1237.50 after Monday's open. Its intraday dip to 1229.00 was
recovered entirely, but only to range around the opening gap's
print. Closing any higher would suggest at least a bigger bounce
underway targeting 1250.00. Otherwise, back under 1226.50 would
resume the decline.
Sep Contract SI; (NYSEARCA:SLV)
Although Monday's open gapped up above 18.88 resistance that had
restrained Friday's ranging, the balance of the session only ranged
narrowly, its lower-end supported by 19.00. But that wasn't enough
to invalidate Friday's break, which remains intact, albeit
targeting only 18.50-18.55.
Sep Contract US; (NYSEARCA:TLT)
Sunday night's gap up nonetheless reversed down to probe under the
132-16 target that was met Friday. The new trend low was recovered
to close well into positive territory testing 133-16, forming a
bullish pivot reversal, and above 132-26/133-00 to suggest the drop
had ended. Not extending higher immediately Tuesday would next
target 128-10/128-14 below.
Aug Contract CL; (NYSEARCA:USO)
Sunday night's rally to fresh highs attacking 104.00 was reversed
in time to gap down Monday, but the balance of the session only
fluctuated narrowly around unchanged. The rally's momentum is in
jeopardy since there was no second consecutive higher close.
Aug Contract CL; (NYSEARCA:UNG, UNL)
Last week's trapped shorts were squeezed at Monday's opening gap up
from 3.55-3.60 to test 3.73 resistance. A second consecutive higher
close Tuesday would confirm 3.96 and 4.10 in-play.