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.
Gold extended sharply higher Friday to confirm Thursday's breakout.
The only two questions now seem to be how much higher, and how
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)
Friday's dip back under Thursday's low recovered enough to spend
the afternoon ranging around 81.45, whose recovery already suggests
that a bottom has formed and that a new upleg is underway.
Sep Contract EC; (NYSEARCA:FXE)
Friday's bounce off of 1.3333 essentially filled the gap back up to
Tuesday's 1.3422 close. A reaction down prevented the bounce from
gaining traction, and now back under 1.3360 would signal momentum
Oct Contract GC; (NYSEARCA:GLD)
Thursday's breakout to 1381.00 extended higher without delay
Friday, extending to attack 1399.00. The rally's momentum now
targeting 1410.00 remains intact so long as pullbacks now hold
1388.00, and momentum would then reverse down under 1383.00.
Sep Contract SI; (NYSEARCA:SLV)
Friday morning's surge through 23.50 eventually probed a dime above
24.00. There is potential to 24.55 so long as pullbacks now hold
23.40. But a close under 23.20 would be needed to signal momentum
Sep Contract US; (NYSEARCA:TLT)
Friday's early break above 131-00 resistance extended to test
131-30 resistance intraday. Resistance stretches up to 132-04 and
132-10 before assuming Wednesday night's drop to within 10 ticks of
the 128-18 target has fulfilled the decline, which would be back
in-play under 131-00.
Oct Contract CL; (NYSEARCA:USO)
Despite not yet completing its pullback objective to at least
103.25, Thursday's bounce to 105.20 extended Friday to 106.95. Back
under 105.40 would signal the bounce had ended, and under 104.90
would resume the decline, targeting 103.25 and potentially 102.65.
Sep Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The week was filled with not confirming Monday's breakout, not
immediately correcting the weak buying pressure, and then trying to
extend higher prematurely. Even Friday's dip was suspicious for
perhaps being too shallow. But rallying Monday from the dip to
3.48-3.50 would still be credible for resuming the rally.