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.
Crude should resume its rally early Wednesday if its higher targets
remain intact. Interestingly, the timing coincides with weekly EIA
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)
Tuesday's second consecutive lower close was still testing Monday's
intraday low, which undermines whether Monday's break was actually
confirmed. This sort of a breakout cannot hesitate extending if it
is valid, and is likely to react back up sharply above 83.00 if it
Jun Contract EC; (NYSEARCA:FXE)
Tuesday's second consecutive higher close was still testing
Monday's intraday high, which undermines whether Monday's break was
actually confirmed. This sort of a breakout cannot hesitate
extending if it is valid, and is likely to react back down sharply
under 1.3145 if it is not.
Aug Contract GC; (NYSEARCA:GLD)
That 1335.00 is relevant resistance was confirmed by Tuesday's
narrow range around it. But ranging mostly under it, instead of
above it, suggests the rally will resume before a deeper pullback
Sep Contract SI; (NYSEARCA:SLV)
Tuesday's gap down and attack on 20.00 support was "ineffectual
pessimism." It does not signal momentum reversing down, regardless
of there being unfinished business below at 18.00.
Sep Contract US; (NYSEARCA:TLT)
Monday's test of the 135-16 bounce limit was rejected by gapping
down Tuesday. A second consecutive lower close would confirm the
gap back down to 132-24 is in-play.
Aug Contract CL; (NYSEARCA:USO)
Tuesday's gap down to test 106.00 reacted up to Monday afternoon's
107.35 high, trying to resume the rally, which would be triggered
back above 107.70 and targeting 110.50.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's gap and drop were rejected by Tuesday's open that extended
higher to test the 3.73 buy signal. A second consecutive higher
close Wednesday would confirm.