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.
Has crude oil completed its correction from the pre-war surge?
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)
Extending to fresh highs Friday confirmed Thursday's breakout,
putting into play 83.10 so long as 81.85 holds as support.
Sep Contract EC; (NYSEARCA:FXE)
Extending sharply lower Friday confirmed Thursday's breakout,
putting into play 1.304 so long as 1.3265 holds as resistance.
Oct Contract GC; (NYSEARCA:GLD)
Despite 1405.50 having held its test as support Thursday, lower
lows overnight and Friday morning tested 1491.50. A reaction up
held 1405.50 as resistance, needing to recover it for another probe
above 1420.00 to be in play.
Dec Contract SI; (NYSEARCA:SLV)
Wednesday's key reversal had fulfilled its minimum objectives
Thursday, but extended down further Friday. Closing back above
24.10 would signal the pullback was resolving up to probe back
Sep Contract US; (NYSEARCA:TLT)
Friday's ranging held a retest of Thursday's highs. But not yet
resuming the decline does keep the door open to extending the
interim bounce. Closing back under 132-10 and 131-30 would still
resume the decline.
Oct Contract CL; (NYSEARCA:USO)
The pullback extended lower Thursday night to 106.75, which was
attacked Friday morning. A probe above 110.65 would be in play back
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's recovery did not extend higher Friday. Neither was it
rejected, so any early strength above 3.64 Monday would still be
credible for extending higher through the day.