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.
Gold slid sharply Wednesday morning, which recent distributive
patterns had warned of. Much more interesting is that the early
slide was accompanied by a sharply lower Dollar Index that was
fulfilling lower targets. Gold may be lagging behind the dollar, so
its strength Thursday could help gold end its pullback soon.
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 gap down immediately fulfilled the long-standing 81.40
target. It held as support through the close. A second consecutive
lower close is needed to form a lower target.
Jun Contract EC; (NYSEARCA:FXE)
Wednesday's gap up probed fresh highs attacking 1.3250. A second
consecutive higher close Thursday would confirm whether potential
remains intact up to 1.3325, if not also 1.3425.
Apr Contract GC; (NYSEARCA:GLD)
Wednesday's slide from 1472.00 to 1440.00 helped to confirm the
recent distributive pattern whose pullback target is 1429.50, so
long as 1463.50 isn't recovered.
May Contract SI; (NYSEARCA:SLV)
Wednesday's gap down extended to 23.25 support, presumably on the
way to 22.95 so long as 23.55 is not recovered.
Mar Contract US; (NYSEARCA:TLT)
Fresh highs above 149-05 were probed Wednesday morning, and then
the long-standing 149-14 target was tested up to 149-21 Wednesday
afternoon. The close dipped back down to 149-05. Back under 148-28
would signal momentum reversing down.
Apr Contract CL; (NYSEARCA:USO)
The 91.00 target was fulfilled early Wednesday. Its reaction up
failed on EIA data, extending down to 90.11, but ending the day
back at 91.00. There is no active signal.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's early surge compensated for its delay from Monday and
extended sharply higher intraday to fresh relative highs at 4.44.
The balance of the session slid back toward Monday's lows at 4.31.
Thursday's EIA report is not at all assured of resuming or
extending the rally.