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.
Having rested on its laurels Friday, the natural gas rally should
not be further delayed past Monday if it is valid.
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)
Very flat narrow ranging Friday was biased downward, still
contained within Wednesday's range. Compressing selling pressure
without breaking lower makes a snap up to fresh highs likely.
Jun Contract EC; (NYSEARCA:FXE)
Friday's narrow ranging held 1.2955 resistance. The decline must
resume without much further delay to avoid a bigger bounce
Apr Contract GC; (NYSEARCA:GLD)
Ranging narrowly above and around 1383.00 has validated the level's
relevance, but neutralized its predictive value. The next durable
trend should begin by reacting to a false break, probably from
May Contract SI; (NYSEARCA:SLV)
Friday's session wasn't required to resume trending either way, but
its timing does suggest the next trending attempt will be false.
Jun Contract US; (NYSEARCA:TLT)
Ranging at recent lows into the weekend without yet rejecting the
recent drop - and without probing fresh lows intraday - makes any
immediate bounce more capable of extending higher, especially if
144-24 were recovered early.
Apr Contract CL; (NYSEARCA:USO)
Recovering Friday's gap down to gravitate back around 94.00 doesn't
make a rally any likelier to develop. Dipping back under 93.00
would be very vulnerable to extending down intraday.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Having extended the rally Thursday, Friday's session was not
obligated to rally any further, and it did not. But now having
taken advantage of the opportunity to rest, the rally does need to
resume Monday if it is valid.