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 had fulfilled its minimum downside objective
Thursday. That enabled a bounce in reaction to Friday's Employment
Situation Report. But this is probably not a durable bounce, which
is why so much of the reaction was returned before the weekend.
Meanwhile crude oil is retesting the rally's target and deciding
whether to extend or to collapse.
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)
Reacting down to Friday's Employment Situation Report tested
Thursday's 82.10 low, which must hold as support to maintain the
Sep Contract EC; (NYSEARCA:FXE)
Friday's overnight retest of Thursday's 1.3110 low reacted up on
the Employment Situation Report. But it is only a corrective bounce
if 1.3205 is not also recovered.
Dec Contract GC; (NYSEARCA:GLD)
Lower lows overnight were blindsided by Friday's Employment
Situation Report. The reaction triggered a gap up above 1681.00.
Its recovery through Friday's close would have signaled momentum
reversing up. Gapping up above it Friday is a proxy for at least
having recovered 1677.00 to signal the decline is done, with upside
objectives at 1410.00 and higher now in play.
Dec Contract SI; (NYSEARCA:SLV)
Flat-to-lower ranging overnight responded well to the Employment
Situation Report, surging through the 23.55-23.75 buy signal and
gapping up Friday above it. The island's gap back up to 24.40 and
high is now in play.
Dec Contract US; (NYSEARCA:TLT)
Fresh lows overnight down to 128-12 retested the three-week old
overnight low before the Employment Situation report triggered a
spike up to 130-01. Having greeted the report from weakness, the
reaction up is likely just from being being oversold. In fact, the
spike was retraced to its 129-04 pullback limit. Closing any lower
would signal the decline had resumed, next targeting 127-04.
Oct Contract CL; (NYSEARCA:USO)
Thursday's close above 180.75 extended higher Friday to fulfill the
minimum 110.65 target. Fresh highs above 112.25 are possible as
long as 109.75 were to hold as support.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday extended Thursday's dip back under 3.57, but without gaining
momentum. Any initial strength Monday would again be likely to
extend higher intraday.