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.
The long bond's pattern finally fulfilled its outstanding objective
to produce at least one more new low close. Doing so ahead of
Friday's employment situation report without reacting back up into
the close was not the recipe for a bottom.
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)
Wednesday's drop to 82.10 support resolved up sharply Thursday.
Closing above 82.75 Friday would confirm the rally had resumed, its
higher targets in play.
Sep Contract EC; (NYSEARCA:FXE)
Holding the 1.3220 bounce limit intraday and overnight Wednesday
allowed Thursday's opening plunge to probe fresh lows under 1.3145.
Avoiding a second consecutive lower close is the minimum
requirement to even suggesting a bottom may be forming.
Dec Contract GC; (NYSEARCA:GLD)
Closing back under the 1404.50 pullback limit Tuesday did not form
a downleg, only a drop to the wide range's lower end. Rallying
sharply through Thursday's open did not prevent an even deeper drop
Thursday testing 1365.00. Closing back above 1377.00 would have
robbed sellers of their traction, so holding it as support after
gapping up above 1381.00 Friday is the minimum requirement to begin
reversing momentum up.
Dec Contract SI; (NYSEARCA:SLV)
Tuesday's Island continued its reversal Thursday by probing under
Monday-Wednesday's lows. Sunday night's 23.11 low was also probed,
although it ultimately held as support. Back above 23.55-23.75
would trigger a rally leg.
Dec Contract US; (NYSEARCA:TLT)
The drop resumed and extended Thursday down to 128-18, finally
fulfilling the pattern's outstanding requirement for at least one
more new low close. There was no reaction up intraday, and two-week
old overnight action printed lower, so lower lows with potential to
127-04 may be in play.
Oct Contract CL; (NYSEARCA:USO)
Thursday's close above 108.15 signals momentum has reversed up,
targeting at least 110.65.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Not confirming Tuesday's breakout Wednesday undermined Thursday's
gap up that pierced the outstanding 3.70 target. It was reversed
back down to the rally's prior target at 3.57. Nevertheless,
initial strength Friday would be credible for resuming the