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 long bond ended the week optimistically back at resistance,
leaving unfinished business below with another FOMC meeting just
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)
The decline had resumed Thursday with a new low close, but not yet
much of a new intraday low, which Friday fulfilled. Currencies tend
to duplicate Friday afternoon trending, so the drop should extend
initially so long as 82.20 isn't recovered.
Sep Contract EC; (NYSEARCA:FXE)
The rally had resumed Thursday with a new high close, but not yet
any new intraday high, which Friday fulfilled. Currencies tend to
duplicate Friday afternoon trending, so the rally should extend
initially so long as 1.3205 isn't broken.
Aug Contract GC; (NYSEARCA:GLD)
Resuming the rally proved difficult Friday, as the 1319.00-1320.00
support was tested, and probed briefly down to the 1312.50 sell
signal. Recovering to close above 1319.00-1320.00 kept alive
potential to extend the rally.
Sep Contract SI; (NYSEARCA:SLV)
Gapping down under 20.00 on Friday and extending down has left
unfinished business above, making a second consecutive lower close
Monday unlikely, but very dangerous.
Sep Contract US; (NYSEARCA:TLT)
Friday's gap up extended higher intraday to test 135-00 resistance.
Without closing above it, attraction back down to the 132-24 gap
Sep Contract CL; (NYSEARCA:USO)
Thursday's key reversal setup was a little lacking, and then very
much so as Friday gapped back down to erase Thursday's gains and
retest 104.00. Closing back above 106.00 would reinstate the rally,
but there is otherwise no active pattern.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Rejecting the 3.73 buy signal Thursday was punished by dropping
sharply into the weekend to retest 3.55-3.60 support, which there
is no bullish reason to be retesting.