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 down Monday relatively more aggressively than silver.
And gold's extension down was essentially ignored by currencies.
Its reaction up from testing last week's buy signals is obligatory.
Extending higher Tuesday would be bullish.
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)
Eerily narrow ranging Monday all but ignored volatility in precious
metals and energies. There is no new signal.
Dec Contract EC; (NYSEARCA:FXE)
Narrow ranging Monday was no longer "ineffectual optimism" that had
inhibited a sell-off Friday. The hesitation under 1.3580 without
actually reversing down does suggest it will at least be tested. No
sell-off before then would be credible.
Dec Contract GC; (NYSEARCA:GLD)
Overnight selling tested 1321.00 down to 1313.00, which were both
off last week's buy signals. Just holding a test of 1321.00
suggests that sellers have been absorbed. Closing back above
1325.00 signals momentum is probably reversing up, although closing
above 1330.50 Tuesday is needed to confirm.
Dec Contract SI; (NYSEARCA:SLV)
Monday's gap down immediately filled the 22.70 gap and had little
difficulty recovering to probe positive territory. Closing positive
Tuesday would signal that the drop had ended.
Dec Contract US; (NYSEARCA:TLT)
Overnight weakness was recovered back into positive territory, but
perhaps only as a flight-to-safety while stocks slid. Their
recovery intraday didn't help, as 132-00 was still being tested
through the afternoon.
Oct Contract CL; (NYSEARCA:USO)
The drop extended Monday and probed under its interim to suggest
the recent slide from retesting 107.85 (basis Nov, 108.75 basis
Oct) wasn't just noise within the range. There is no active signal.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Having failed to rally yet from multiple tests of support, Monday's
delay in extending higher was already bearish, but extending down
to fresh lows testing 3.60 only confirmed. There is no active