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 Monday could have probed fresh highs, but it didn't,
which is potentially bullish from a contrarian perspective.
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
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Ranging narrowly sideways Monday didn't extend Friday's drop, but
the session did not retrace it, keeping the decline's momentum
intact so long as 82.20 were not recovered.
Sep Contract EC; (NYSEARCA:FXE)
Friday's highs held as resistance as price only ranged narrowly
sideways Monday, so the rally's momentum remains intact so long as
1.3205 were to hold as support.
Aug Contract GC; (NYSEARCA:GLD)
Friday's dip to the 1312.50 sell signal and recovery back above
1319.00-1320.00 extended sharply Sunday night. Testing 1338.00
stopped pessimistically short of probing fresh highs, which
potentially is bullish from a contrarian perspective, so long as
1319.00-1320.00 now holds as support.
Sep Contract SI; (NYSEARCA:SLV)
Monday's gap up above 20.00 immediately filled the gap back up to
Thursday's close, and its immediate reaction down entered a narrow
range around 19.90. Closing lower Tuesday would signal a bigger
drop underway. Otherwise, back above Monday's high would resume the
Sep Contract US; (NYSEARCA:TLT)
Sunday night's test of 135-00 resistance held again and Monday
extended down to 133-26, whose break Tuesday would suggest last
week's decline targeting 132-24 has necessarily resumed.
Sep Contract CL; (NYSEARCA:USO)
Friday's retest of 104.00 did not yield any further bounce Monday
as price ranged sideways, still needing to recover above 106.00 to
avoid a deeper break targeting 99.00.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
There was no bullish reason for dipping Friday back into 3.55-3.60
support, which Monday's open proved by gapping down to new lows.
The gap down under all prior lows prevents it from serving as a
bottom, although gapping up back above would form a temporary