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.
Tapering, Bernanke, and minutes - in other words, all things FOMC -
created a lot of volatility Wednesday. No matter how wide, it was
not arbitrary, as relevant price levels continue influencing
intraday price action. Most notable is that the long bond's new low
bounced from touching its target, but not high enough to reverse
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)
Wednesday's dip to 83.50 was recovered back to the recent 84.50
high, but not through it, and not enough to trigger the 84.45 buy
signal without probing higher Thursday.
Jun Contract EC; (NYSEARCA:FXE)
Wednesday morning's bounce up to 1.2955 resistance was exceeded all
the way up to 1.3000, but only momentarily before reversing down
sharply on the day to 1.2840. The 1.2745 target is in-play,
especially if confirmed by a second consecutive lower close
Apr Contract GC; (NYSEARCA:GLD)
Tuesday's lows tested what had been Monday morning's 1357.70 bounce
limit. Wednesday's recovery probed 1400.00 resistance, and failed
from 1414.00. The reaction down probed 1357.70, whose break would
now target 1344.00 and then new lows.
May Contract SI; (NYSEARCA:SLV)
Another test of the 23.25 buy signal failed again Wednesday. The
unfinished business below at Monday's gap down does undermine any
near-term recovery attempts.
Jun Contract US; (NYSEARCA:TLT)
Another test of the 144-24 buy signal failed again Wednesday,
producing a drop to new lows at the 142-19 target. Its bounce to
143-10 stopped short of reversing momentum up, which would be
triggered by closing back above 143-30.
Apr Contract CL; (NYSEARCA:USO)
Rather than accelerate higher above 96.00, it was probed below
again, putting into play an attack on 94.00 that was fulfilled
intraday by testing 94.20. An actual touch of 94.00 should be
avoided to allow a credible rally effort Thursday morning.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's narrow range consolidated Tuesday's recovery above
4.16. But the rally cannot tolerate much more delay in extending