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's third consecutive double-digit plunge, on a Friday, all but
invalidates the corrective dip scenario.
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)
Room to probe above the 84.20 target to 84.45 was exploited Friday
by gapping up, extending to fresh highs and then ranging narrowly.
Holding 83.95 as support would allow the rally to next target
Jun Contract EC; (NYSEARCA:FXE)
Friday's gap down extended to fresh lows and ranged sideways
through the afternoon. Bounces holding 1.2910 would allow the
decline to extend to its next target at 1.2745.
Apr Contract GC; (NYSEARCA:GLD)
Another double-digit plunge, and on a Friday, seriously undermines
whether the recent drop has been only a temporary corrective
pullback. The gap back down to Thursday's open was filled
overnight, but reactions up were shallow and temporary before
reversing to fresh lows testing 1357.50. Closing solidly above
1383.00 could still reverse the decline, which is meanwhile
targeting 1333.00 and new lows.
May Contract SI; (NYSEARCA:SLV)
Friday's gap down to Wednesday's 22.42 low eventually extended to
fresh lows at 22.18, extending toward the next lower target at
21.55-21.75, so long as 22.75 isn't recovered.
Jun Contract US; (NYSEARCA:TLT)
Thursday's extension to a new multi-session high testing 145-16
while also triggering the 144-24 buy signal required the rally to
extend immediately Friday if valid. It did not. The session slid
back toward prior lows at testing 143-28. Not exiting Monday
morning in rally mode would all but require extending through the
143-13 sell signal to put 142-18 into play.
Apr Contract CL; (NYSEARCA:USO)
Immediately testing 96.00 at Friday's gap up triggered a reaction
back down into negative territory. Recovering back into positive
territory at 96.00 still did not trigger the buy signal that would
put into play 98.10.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's reaction down toward 3.90 came from Wednesday's
unimpressive tests of the 4.05 buy signal. Friday's recovery back
to 4.05 was impressive. Closing above it still targets 4.16, whose
recovery would launch a new upleg.parameters remain valid.