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.
Crude oil's buyers were rewarded Wednesday for having absorbed two
consecutive sessions of intraday dips. The reward was delivered so
quickly that the pattern has greater potential for extending even
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)
The rally through Tuesday needed to begin reversing down
immediately if it were going to avoid extending much higher.
Wednesday's narrow ranging didn't probe any higher, so the delay
can be excused if a drop is evident early Thursday.
Jun Contract EC; (NYSEARCA:FXE)
A rejection of Tuesday's test of recent lows was needed without
delay to maintain potential for resuming and extending the rally.
Wednesday's narrow sideways ranging allows delaying the resolution
into Thursday's open.
Apr Contract GC; (NYSEARCA:GLD)
Tuesday night's recovery back above 1418.50-1420.00 resistance
extended back up to 1433.50. There continues to be no reason for
much further delay in extending the rally through 1441.00
resistance to fulfill its 1556.00 objective.
May Contract SI; (NYSEARCA:SLV)
Tuesday's gap down didn't seem to have gained traction. An
overnight rally held tests of the 23.25 buy signal, but still
gapped up Wednesday. Extending above 23.55 would confirm a new
rally leg underway initially targeting 24.15.
Mar Contract US; (NYSEARCA:TLT)
Tuesday's reaction down from attacking the 149-14 objective
repeated recent prior behavior of consolidating narrowly at 148-00
pullback limit. Despite the potential unfinished business above,
the uptrend continues to appear tenuous.
Apr Contract CL; (NYSEARCA:USO)
This week's volatile dips that nevertheless recovered back up to
89.20 had earned a probe of fresh highs to at least 91.05. That was
probed by Wednesday's $2.30 rally testing 91.50. Holding above
90.55 would allow extending higher to test 93.55-93.75.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The retracement of last Thursday's surge was retraced entirely back
to its 4.17 origin at Wednesday's low. However, the breakout needed
to hold 4.21 to be assured of resuming the rally. Now, 4.35 must be
recovered to signal the rally has resumed.