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 US Dollar Index rallied sharply Thursday after Wednesday's low
finally touched its long-awaited target.
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 early test of the 81.40 target had already satisfied
long-standing selling pressure, facilitating a violent reaction up
Thursday to test 82.40. The bounce could extend to 82.80 if 82.15
were to hold as support.
Jun Contract EC; (NYSEARCA:FXE)
Thursday's plunge to 1.3040 all but negates the 1.3325 target. Any
rally must first close above 1.3105.
Apr Contract GC; (NYSEARCA:GLD)
Thursday's gap up from Wednesday's test of 1440.00 filled the gap
back to Tuesday's 1473.00 close and held. Closing any higher would
have started to signal the correction did not need to extend down
to 1429.50 before recovering to 1532.50. Now a close above 1480.00
is required in order to prevent an even deeper drop from beginning.
May Contract SI; (NYSEARCA:SLV)
Gapping up Thursday from Wednesday's test of 23.25 support only
filled the gap back to Tuesday's test of 24.20. A higher close
would undermine resuming the pullback targeting 22.95.
Mar Contract US; (NYSEARCA:TLT)
The reaction down from testing the 149-14 target Wednesday extended
down sharply at Thursday's open to probe briefly under the 148-28
sell signal. A quick recovery spent the balance of the session
ranging narrowly around the 149-05 prior high.
Apr Contract CL; (NYSEARCA:USO)
Wednesday's drop from 93.40 had immediately fulfilled the pattern's
91.00 target, without signaling any new pattern in-play. That
didn't prevent (or even inhibit) Thursday from recovering back up
through 94.00. A retest of the prior high up to 94.75 is likely,
and closing above it would target 98.10.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's failed rally attempt from 4.44 down to 4.31 left the
pattern extremely vulnerable, which Thursday's plunge to 4.02
proved. Closing positive after dipping Friday into the 3.95-4.00
range would be interesting for possibly bottoming, but there is no