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 met a long-awaited target Wednesday, less than two
days before plunging in reaction to Friday's Employment Situation
Report. Either the bond is done and much lower lows lie ahead, or
the week should begin with a sizable corrective bounce.
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)
It Improved momentarily to attack its 82.80 target up to 82.60 but
ended the day testing its 82.15 pullback limit to maintain the
Jun Contract EC; (NYSEARCA:FXE)
It had rallied overnight to 1.3150 but plunged on NFP data to
retest Thursday's 1.3040 lows. Bouncing back up to 1.3150 still
ended the day testing the 1.3105 bounce limit, instead of signaling
a rally underway.
Apr Contract GC; (NYSEARCA:GLD)
An overnight probe up to 1487.00 failed before Friday's open.
Another surge held 1480.00 before reversing back down to 1455.40.
It ended the day down slightly around 1465.00. There continues to
be potential for breaking higher to 1532.50, until a pullback
actually closes under 1529.50
May Contract SI; (NYSEARCA:SLV)
Friday's ranging gained no traction either way, keeping the door
open to a deeper pullback targeting 22.95.
Mar Contract US; (NYSEARCA:TLT)
Thursday's reaction down from Wednesday's test of the long-awaited
149-14 target had dipped prematurely Thursday morning back under
the 148-28 sell signal. Friday's reaction down on the Employment
Situation Report extended sharply lower to 146-27. Extending any
lower anytime soon requires bounces to hold 147-12.
Apr Contract CL; (NYSEARCA:USO)
The retest of prior highs also tested 94.75 resistance early
Friday, and extended to also test 96.00. A second consecutive
higher close Monday would confirm 98.10 is in-play. Closing back
under 94.75 should instead start trending back down.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's plunge did suddenly slow its pace come Friday. And fresh
lows did probe the 3.95-4.00 support, then closed positive. Closing
Monday back above 4.16 would seal a bottom.