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's Sunday night plunge opened the week with extreme sentiment.
As is often the case, that proved to be a sentiment extreme. The
balance of the session rallied sharply. Gaining $20 from the low
might seem the opposite of last week's bearish behavior, but it's
the same elasticity - so it's probably the same sponsorship, and
not yet necessarily a bottom.
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 open gapped up to attack the recent bounce's peak. Holding
81.05 did not yet reject Friday's drop, or prevent sellers from
Dec Contract EC; (NYSEARCA:FXE)
Friday's retest of recent highs didn't follow through Monday, as
the open gapped down. Sellers didn't regain control, as the session
only ranged around Friday's 1.3515 low.
Dec Contract GC; (NYSEARCA:GLD)
Despite extending down sharply overnight to test 1225.70, Monday's
opening gap down reversed back up immediately to probe back into
the decline's 1240.00-1245.00 target area. Post-close action even
rallied through its upper end. The gap back to Monday's 1228.10
opening will need to be filled eventually. But not necessarily
prior to extending the bounce to test 1260.00 or 1270.00.
Dec Contract SI; (NYSEARCA:SLV)
Fresh lows Sunday night weren't retested intraday Monday, as the
open immediately recovered above prior lows and extended higher
through the morning. The overnight lows will need to be retested
Dec Contract US; (NYSEARCA:TLT)
Monday's initial weakness was recovered back into positive
territory, extending last week's rally to resistance above 132-06,
attacking 132-14 which remains in play so long as 131-28 now holds
Oct Contract CL; (NYSEARCA:USO)
Now we know why last week's bounce couldn't get through its 95.00
trigger. The Iran deal removed the threat of US attack for six to
12 months, lopping off almost $1.50 at Sunday night's open. The
equivalent to the Dec. contract's decline target was attacked
overnight at 93.20, and retested more deeply Monday morning,
ultimately recovering to probe back above 94.00. The pattern's
bottoming potential remains intact, but still needs to close at
least above 94.60 to begin signaling momentum extending up.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Despite my own lack of confidence in the recovery, it did probe its
minimum 3.81 objective Sunday night up to 3.85. The balance of the
session tested and held 3.81 as resistance. Closing back under 3.77
would start to signal momentum reversing back down.