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 long bond had indeed ended a corrective bounce Thursday,
plunging to new relative lows at Friday's open, and extending
lower. The intraday lows held a test of the decline's target, so
the decline must close lower Monday to avoid bottoming.
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)
Fulfilling the bounce's 82.80 target did not slow the rally, which
gapped up Friday and extended higher to test 83.50. Now the rally's
momentum remains intact so long as 82.70 were to hold as support.
Jun Contract EC; (NYSEARCA:FXE)
Thursday's plunge to 1.3015 extended down Friday to test 1.2940.
The decline next targets 1.2865 so long as 1.3105 is not recovered.
Apr Contract GC; (NYSEARCA:GLD)
As suspected, the break under 1463.50 to resume the decline
targeting 1429.50 would likely happen overnight, and slice through
interim support. Thursday night's $40 plunge was testing 1429.50 at
Friday's open, before extending to 1418.50 intraday. A surge
recovered to close back above 1429.50. Friday's lows can still be
retested down to 1400.00, a test that would probably hold, unless
Monday were to close back above 1452.00.
May Contract SI; (NYSEARCA:SLV)
Gapping down to 23.25 and consolidating down to 23.15 never
extended lower to the 22.95 pullback target. An afternoon surge
recovered to Wednesday's higher prior lows at 23.65. Only gapping
up above 24.00 could signal that fresh lows aren't still in-play.
Jun Contract US; (NYSEARCA:TLT)
Friday's plunge compensated for the delay from Thursday's test of
the 147-02 bounce limit up to 147-12. Friday's open gapped down
under all prior lows before extending down sharply to 144-17. The
144-28 target was recovered through the close. A bounce should hold
a test of 145-20 if the decline intends to extend to 143-00.
Apr Contract CL; (NYSEARCA:USO)
Thursday's gap down under 96.00 had undermined the rally. Friday's
open gapped down to 94.75 and extended lower to 93.37. An afternoon
rally attacked 96.00 to within $.50, which is not a buy signal, but
does keep alive the rally's potential.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's dip back down to 3.91 rejected Thursday's bounce back up
to 4.00, but 4.05 still must be recovered before signaling that
momentum is reversing up.