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.
FOMC inhibited price action and then exacerbated it. Ultimately,
many prices abruptly got in line with their patterns. Most notable
were gold, currencies and the long bond. But not crude oil, which
has to raise questions as to whether the pattern is on track.
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)
Wednesday's pre-FOMC probing of prior lows still hadn't gained
traction before suddenly reversing up sharply from 80.65 through
the 81.00 buy signal to 81.65, above the past week's highs.
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's probe above 1.3333 to 1.3400 was rejected abruptly on
Wednesday's FOMC news back down under the past week's lows to
1.3270, reversing the trend down.
Aug Contract GC; (NYSEARCA:GLD)
Wednesday's gap up tested 1373.00 through the close, before the
FOMC news triggered a plunge back under the 1368.50 bounce limit to
new lows under the 1351.00 target, and under 1340.00. The drop
targeting new lows under 1290.00 remains in play so long as 1354.00
isn't recovered through Thursday's close - which is a very real
possibility, having overshot the target only after regular trading
Jul Contract SI; (NYSEARCA:SLV)
Wednesday's flat narrow ranging plunged to fresh lows testing 21.20
after the FOMC news. Its new low close makes an immediate bottom
Sep Contract US; (NYSEARCA:TLT)
The 138-30 61.8% retracement of last week's corrective bounce from
137-25 was retested Wednesday by a 1-point dip ahead of the FOMC
news, which triggered the drop's extension back through last week's
lows to test 137-16. It's vulnerable to extending lower Thursday to
Jul Contract CL; (NYSEARCA:USO)
Firming into Wednesday's open tested 99.20. Extending almost any
higher would next target 101.25 and then potentially 106.50, so
long as 97.50 holds any test as support.
Jul Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's gap up to Tuesday's 3.95 high was not rejected, and
closing above 4.00 would next target 4.15.