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.
Two days of volatile gold action didn't make a third volatile
session any more predictive. Wednesday's gold rally needs more than
any other session to be confirmed on Thursday. If it's not, then a
much larger resolution down should not be far behind.
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
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Wednesday's gap down didn't trend down, but still suggests that the
recent bounce didn't gain traction for extending higher into a
Dec Contract EC; (NYSEARCA:FXE)
Gapping up Wednesday keeps alive the potential for retesting recent
highs up to 1.3580 before any durable downleg could gain traction.
Dec Contract GC; (NYSEARCA:GLD)
Closing above 1313.00 Tuesday had avoided signaling momentum
reversed down. Rallying to within $2 of 1341.00 Wednesday doesn't
yet signal momentum reversing up. Absent a second consecutive
higher close Thursday, a corrective bounce will have likely ended,
with a close back under 1321.00 signaling a new downleg underway.
Dec Contract SI; (NYSEARCA:SLV)
Closing above 21.88-21.95 would have signaled a new upleg underway.
It was only tested, but a second consecutive higher close Thursday
would still confirm momentum had reversed up.
Dec Contract US; (NYSEARCA:TLT)
Price firmed to fresh highs above 133-10 Wednesday, perhaps as a
flight to safety amid stock market weakness. Regardless of its
catalyst, the second consecutive higher close suggests a third
higher close is due. The recovery can extend higher so long as
pullbacks now hold 132-22 as support.
Oct Contract CL; (NYSEARCA:USO)
A small bounce Wednesday never became a rally, and it was retraced
back to Tuesday's 102.30 support, whose break would next target
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's sharp slide did not extend lower Wednesday, although it
having been a second consecutive lower close does suggest a third
fresh low close will precede any recovery potential.