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 second consecutive gap up formed a second consecutive
session whose close essentially equated to its open. No net
intraday improvement undermines the rally's momentum, reflecting
weak-handed impatient buyers sponsoring a temporary bounce.
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)
Monday's shallow inside day was incapable of reversing momentum
down. The trend extended up Tuesday to fresh highs attacking 85.00,
next targeting 86.10 so long as pullbacks now hold 84.15 as
Jun Contract EC; (NYSEARCA:FXE)
Monday's shallow inside day was incapable of reversing momentum up.
The trend extended down Tuesday to fresh lows attacking
1.2740-1.2750, next targeting 1.2575 so long as pullbacks now hold
1.2875 as resistance.
Aug Contract GC; (NYSEARCA:GLD)
Potential for a bigger bounce targeting 1250.00 was quickly
fulfilled overnight, and Tuesday's session ranged choppily around
it. The gap back to Friday's close was filled, and the rubber band
has been stretched tighter without buyers yet gaining any traction
for their effort.
Sep Contract SI; (NYSEARCA:SLV)
Ranging Tuesday above 19.00 was similar to an "inside day" that
should still resolve down to test 18.50-18.55.
Sep Contract US; (NYSEARCA:TLT)
Monday's recovery from fresh lows had extended higher intraday, and
only narrowly Tuesday around unchanged. Not immediately extending
higher undermines whether momentum has actually reversed up. Not
immediately extending above 133-28 Wednesday - and preferably also
above 134-06 - would suggest a corrective bounce was ending,
resuming the decline, next targeting 128-10/128-14.
Aug Contract CL; (NYSEARCA:USO)
Monday's threat to the rally's momentum was no different Tuesday,
which again pierced a fresh high. But Tuesday ended in rally mode,
instead of only printing highs overnight. The pattern cannot
tolerate much if any retracement, and should extend up aggressive -
probably spiking - if the rally's momentum remains intact.
Aug Contract CL; (NYSEARCA:UNG, UNL)
Tuesday's gap under 3.72 extended down another dime to nearly fill
the gap back to Friday's close. Coming only optimistically close
doesn't equate to filling the gap. Recovering from a slightly lower
low Wednesday would be bullish.