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.
The faster natural gas can neutralize its attractions below at new
lows, the greater its potential for ending the week sharply higher.
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
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Friday's opening strength was reversed to probe another fresh low,
which is much more credible than Thursday's low. Currencies tend to
duplicate Friday's bias on Monday mornings. The restrained selling
pressure into the weekend suggests that resuming it coming out of
the weekend would be aggressive.
Jun Contract EC; (NYSEARCA:FXE)
Still ranging around 1.3333 resistance for so long again suggests
at least an obligatory probe of fresh highs, perhaps only that.
Aug Contract GC; (NYSEARCA:GLD)
Thursday's drop back down to 1377.00 was retraced to test
1385.00-1390.00 resistance. The drop must resume immediately for
the pattern to remain bearish. A bullish resolution here would
likely gap up above 1393.50 and extend higher.
Jul Contract SI; (NYSEARCA:SLV)
Having neutralized the attraction below 21.60 Thursday, Friday's
close above 21.80 is trying to seal a bottom. The open actually
gapped to 21.80, creating a gap below at Thursday's close, which
does undermine the recovery attempt. It must extend higher
immediately if valid.
Sep Contract US; (NYSEARCA:TLT)
The detour targeting 140-24 had developed already overnight, but
extending higher intraday to 140-28 was still retraced down to
140-10, and lower. Back under 139-22 would start to signal a retest
of the lows underway.
Jul Contract CL; (NYSEARCA:USO)
The rally extended to finally fulfill its long outstanding 98.10
objective. Momentum remains intact to extend higher so long as any
pullback Monday morning is short and shallow.
Jul Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's neutralized attractions above rejected price back down
sharply Friday by gapping through 3.77, attacking recent lows down
to 3.72, presumably on the way to 3.55-3.60.