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 initial surge Friday morning was retraced entirely, but its
pullback limit held. Almost any new attempt to rally Monday would
suggest that Friday's "warning shot across the bow" meant business.
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)
Friday's initial dips were recovered into positive territory, and
the afternoon tested the 82.80 bounce limit that must hold in order
to keep alive potential for resuming the decline down to 81.40.
Jun Contract EC; (NYSEARCA:FXE)
Friday's tests of 1.3105 resistance up to 1.3135 were retraced back
into Thursday's range, but never turned negative intraday. The next
probe above 1.3105 must extend to fill the gap back up to 1.3200 or
else the recovery pattern will be undermined.
Apr Contract GC; (NYSEARCA:GLD)
1395.00-1400.00 served as an inflection point to a surge Thursday
night that attacked the 1428.00 objective. Its complete retracement
prior to actually touching 1428.00 suggests that its eventual test
will extend higher, probably to 1441.00 and then 1456.00. But
1395.00 must meanwhile hold as support, and it was being tested
Friday afternoon down to 1391.50.
May Contract SI; (NYSEARCA:SLV)
Friday's dip to 22.87 didn't threaten 22.45, keeping alive the
attraction up to at least 24.15, but closing above 23.25-23.55 is
needed to trigger a breakout.
Mar Contract US; (NYSEARCA:TLT)
Friday's narrow ranging around 148.00 was interesting for its lack
of volatility, keeping alive potential for at least a temporary
probe of fresh highs, potentially up to 149-14.
Apr Contract CL; (NYSEARCA:USO)
Thursday night's fresh highs tested 88.80 before reacting back down
temporarily into negative territory. Back under 88.15 at this stage
would end the rally, resuming the decline to 85.00. Otherwise,
almost any further strength would target 91.00.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's surge only consolidated Friday, and did not extend
higher to confirm the larger pattern's breakout. The rally can
still resume so long as pullbacks recover quickly from testing