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 ETFs listed for each.
Gold extended its rally Monday to fulfill the minimum higher
objective, and to fulfill the requirement for one more higher
close. The next higher objective was not exceeded so no higher
targets are in play. The rally must essentially resume without
delay and aggressively to maintain its traction.
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
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday's gap up and enter session spent in positive territory was
almost "ineffectual optimism" - except for there not being a fresh
high in the afternoon, let alone its rejection.
Dec Contract EC; (NYSEARCA:FXE)
Despite Monday's open gapping down, the 1.3770 sell signal was
attacked but not triggered. A retest of last week's 1.3885 high may
be needed to create a slingshot effect.
Dec Contract GC; (NYSEARCA:GLD)
The 1360.00-1362.00 target area was almost thoroughly tested
Monday. Negative territory was being probed overnight, and the
target didn't hesitate long to push back down, so the rally's
strength is suspicious.
Dec Contract SI; (NYSEARCA:SLV)
Monday's "inside day" did not attempt to fill the gap back up to
Thursday's higher close, which Friday's opening gap down created.
Trending down without yet testing, it or probing Thursday's high,
is difficult at this stage of the pattern.
Dec Contract US; (NYSEARCA:TLT)
Sideways ranging Monday continued expending buying pressure without
gaining any traction for the effort, and without trapping shorts
below to refuel the rally. That usually means a fresh high will
still print, but the prior high is likely to hold and then reverse
Oct Contract CL; (NYSEARCA:USO)
Friday's corrective bounce extended slightly higher Monday. It
wasn't aggressive, and still suggests that a recovery cannot
proceed without at least a retest of last week's lows.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's abrupt reversal up from barely touching the minimum 3.55
target, and avoiding one more fresh low close, both made Friday's
gap up and test of 3.70 not credible. In fact, Monday's open gapped
down sharply back to test 3.56, still likely to at least test a