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 wide two-day swing was relatively shallow compared to recent
trending. But it was noteworthy for probing so far above one
session's close, only to be rejected so far back under that
session's lows. The shock to the system might not resume trending
immediately, but the correction should be ending.
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)
Wednesday's bounce was too weak to end the decline, which resumed
Thursday, and remains intact so long as 82.40 holds as resistance.
Sep Contract EC; (NYSEARCA:FXE)
Wednesday's dip was too shallow to invalidate the rally, which
resumed Thursday, and remains intact so long as 1.3195 holds as
Aug Contract GC; (NYSEARCA:GLD)
Wednesday's tumble from Tuesday's post-close surge was extended
only slightly Thursday before reversing well up into positive
territory. The rally can resume, next targeting 1375.00, so long as
1312.50 now holds as support.
Sep Contract SI; (NYSEARCA:SLV)
Thursday's pre-open dip to 19.75 recovered back above 20.00 again,
and should no longer delay recovering to 20.55 and higher if a
deeper drop is going to be avoided.
Sep Contract US; (NYSEARCA:TLT)
Relatively narrow sideways ranging Thursday follows two consecutive
falling sessions. The drop should resume without much delay, or by
rejecting an early blip up.
Sep Contract CL; (NYSEARCA:USO)
Yet more fresh lows Thursday attack $104 to within a dime, which
launched a bounce back into positive territory testing 105.85. A
second consecutive higher close Friday would confirm the key
reversal. Otherwise, there is no requirement to trade any higher.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's early test of the 3.73 buy signal was rejected by
another dip attacking the upper-end of 3.50-3.60, whose retest is