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 ETFs listed for each.
War drums put market participants on the defensive for gold, crude
oil, and bonds. Interestingly, the dollar did not participate.
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
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's momentary blip up was reversed into negative territory
that essentially ranged around 81.45. Its previous recovery has yet
to be confirmed for launching a new rally leg.
Sep Contract EC; (NYSEARCA:FXE)
Big overnight moves in gold, crude oil and bonds were not
accompanied by any more euro weakness than to attack last week's
lows at the 1.3333 support. That suggested the euro was weaker from
peer pressure, more than from a bearish downleg developing. In
fact, the drop recovered back into positive territory, suggesting a
bigger rally leg is developing
Oct Contract GC; (NYSEARCA:GLD)
Sunday night's attack on 1410.00 was a warning shot across the bow.
Monday night's rally was a direct hit, extending higher intraday to
also attack 1424.00. The rally's momentum is undermined back under
1408.50, and momentum reverses back down under 1403.50. Otherwise,
a second consecutive higher close Wednesday would put into play
targets up to 1475.00.
Sep Contract SI; (NYSEARCA:SLV)
Tuesday's gap up above Monday's 24.45 high essentially ranged
narrowly sideways up to 24.70. Extending any higher would next
Sep Contract US; (NYSEARCA:TLT)
The war environment's flight-to-safety enabled 132-10 resistance to
break higher Tuesday. The outstanding fresh low close as yet
required by the pattern may be delayed. Meanwhile, there was no
accumulative pattern at the low to put into play a higher target,
although the next opportunity for peaking would likely come after
Oct Contract CL; (NYSEARCA:USO)
Monday night's rally through the 106.50 buy signal did what Sunday
night's gap up only threatened. The corrective pattern was going to
be difficult to complete amid war headlines, anyway. Lacking a base
could limit the interim rally to only testing 110.65 before
resuming the decline.
Sep Contract NG; (NYSEARCA:UNG), (NYSEARCA: UNL)
Still paying the price for its "ineffectual optimism," Tuesday's
open gapped down to "lower prior highs" before bouncing back into
positive territory While the rally could resume and extend without
delay or hesitation, the setup is not optimal without first
absorbing a deeper intraday dip.