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.
With gold's corrective bounce clearly having ended, can the
outstanding move to new lows now develop quickly?
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)
Ranging around 83.33 Wednesday had undermined the rally's momentum,
but it wasn't a sell signal, which the ECB announcement exploited
in sparking a surge up to 84.15 that extended higher to attack
84.95 on the Employment Situation report.
Jun Contract EC; (NYSEARCA:FXE)
Ranging down to the lower-end of the decline's 1.2955-1.3020 target
Wednesday could have rallied by week's end, but the alternative was
to have already extended down sharply. The ECB announcement
produced the latter, dropping to 1.2875, and then extending to
1.2808 on the Employment Situation report.
Aug Contract GC; (NYSEARCA:GLD)
Despite holding the 1240.00 and then 1248.00 pullback limits, the
corrective bounce never resumed to fulfill the potential of
extending $4 higher to 1271.50. A drift lower to 1240.00 broke
sharply lower on Friday's Employment Situation report test 1207.00,
resuming the decline targeting new lows, so long as 1226.50 isn't
Sep Contract SI; (NYSEARCA:SLV)
Friday's gap down from 19.70 quickly round 18.80, and spent the
balance of the session ranging narrowly just under it as
resistance. The drop could extend to 18.50-18.55 before signaling a
bigger decline underway
Sep Contract US; (NYSEARCA:TLT)
Firming slightly Wednesday from what had become an extended
narrowing range made the pattern likelier to break sharply lower
first. The drop extended on Friday's Employment Situation report to
fulfill the outstanding objective for fresh lows at 132-16. The
drop has room for noise down to 131-24 before signaling it is
extending to 128-10/128-14. Closing above 132-26/133-00 would
signal the drop had ended.
Aug Contract CL; (NYSEARCA:USO)
Friday's gap up to the 101.75 target son extended to fresh highs
testing 103.30. A second consecutive higher close would confirm the
106.35 target is in-play.
Aug Contract CL; (NYSEARCA:UNG, UNL)
Still testing 3.55-3.60 after having an opportunity to extend
higher above 3.73 doesn't yet undermine the recovery potential, and
does add that much more credibility to fresh highs being able to
extend higher on trapped shorts.