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 drop Tuesday managed to hold just above last week's low.
That's a lot of optimism for being down by double-digits. And
that's typically not the stuff of bottoms. Even if only to conclude
a corrective dip, fresh lows are likely.
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 gap down held the 82.15 whose test Friday had maintained
the potential for bouncing up to 82.80.
Jun Contract EC; (NYSEARCA:FXE)
Ranging around the 1.3105 bounce limit Tuesday kept alive potential
for resuming the decline, or at least retesting recent lows.
Apr Contract GC; (NYSEARCA:GLD)
The potential that had emerged recently for probing a fresh high
above 1483.00 proved only fleeting, as Tuesday plunged back to
recent lows attacking 1440.00. So long as bounces now hold any test
of 1551.00, dropping back under 1442.50 would confirm the
correction down to 1429.50 is underway.
May Contract SI; (NYSEARCA:SLV)
Monday's further delay of the 22.95 pullback objective's test was
starting to make it less likely, and Tuesday tried compensating by
gapping down sharply to 23.40. The gap back to Monday's 23.95 close
was filled, neutralizing its attraction above, and back under
23.55would signal that 22.95 was in-play.
Mar Contract US; (NYSEARCA:TLT)
Monday's missed opportunity for a sizable corrective bounce had
indicated the trend remained down near-term, probably targeting
144-28. Tuesday's slightly lower lows all but require the slide to
accelerate Wednesday if valid.
Apr Contract CL; (NYSEARCA:USO)
Tuesday's attack on Monday's probe under 94.90 never recovered back
above 96.00, but sellers did not gain traction, so the rally
targeting 98.10 remains in-play.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Two consecutive recoveries from dipping intraday into the 3.95-4.00
area did not prevent Tuesday from sliding to fresh lows. Now a
close above 4.05 would signal preliminarily that momentum is
reversing up to at least test 4.15. There is otherwise no active