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.
Overnight follow-through to Tuesday's beating war drum was less
relevant intraday Wednesday. Could markets have been too confident
that hostilities were coming, or that they would have an effect?
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)
Recovering to 81.45 and ranging around it Wednesday now must
follow-through without delay Thursday to become a new upleg.
Otherwise, another downdraft will have become much likelier for the
Sep Contract EC; (NYSEARCA:FXE)
Wednesday's dip ranged around Tuesday's 1.3333 low, whose break
would also signal a new downleg underway. That's now two attempts
to trend down without result. Almost any early rally Thursday would
be credible for at last probing fresh highs, if not trending up.
Oct Contract GC; (NYSEARCA:GLD)
Probing sharply higher Tuesday night was retraced entirely, ranging
narrowly sideways intraday Wednesday around Tuesday's close. That
prevented a second consecutive higher close, putting the rally in
jeopardy of reversing down.
Sep Contract SI; (NYSEARCA:SLV)
The overnight rally through 25.00 was retraced to close in negative
territory Wednesday, forming a "key reversal" setup that often
triggers a multi-session trend reversal.
Sep Contract US; (NYSEARCA:TLT)
Wednesday's gap down retraced all of Tuesday's flight-to-safety
back to 132-10. Closing under 131-30 would signal momentum
reversing down, targeting new lows.
Oct Contract CL; (NYSEARCA:USO)
Tuesday night's multi-dollar rally probed above 112.00, but only
Wednesday's open touched the rally's 110.65 target. The balance of
the session consolidated around 110.00. There is no new signal.
Sep Contract NG; (NYSEARCA:UNG), (NYSEARCA: UNL)
Firming to the recent range's upper-end ahead of Thursday's EIA
report does position the market for a favorable reaction to extend
sharply higher. It also requires a favorable reaction in order to
avoid a significant decline.