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.
Crude oil quickly met its next lower target after having spent so
long before breaking under its last consolidation range. Such a
steep near-term adjustment suggests a major paradigm shift in
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)
Ranging narrowly Wednesdayranging didn't confirm Tuesday's drop, so
no third lower close is required. That doesn't preclude the drop
from extending anyway, and there is no active reversal signal. And
not reversing down quickly would make Wednesday's hesitation
Dec Contract EC; (NYSEARCA:FXE)
Wednesday's narrow sideways ranging didn't confirm Tuesday's rally,
so no third higher close is required. That doesn't preclude the
rally from extending anyway, and there is no active reversal
signal. And not reversing down quickly would make Wednesday's
Dec Contract GC; (NYSEARCA:GLD)
Tuesday's extra push to 1341.00 without closing above it (still
overlapping it at the close) proved to be its undoing, at least for
this effort. Wednesday's open gapped down to test 1329.50 support.
But 1329.50 missed the opportunity to break lower, similar to the
1341.00 test. Now closing under 1321.50 is needed to signal
momentum reversing back down.
Dec Contract SI; (NYSEARCA:SLV)
Gapping down Wednesday only attacked the month's "lower prior
highs" at 22.50, despite coming close early and then hovering
through the day. That optimism is potentially bearish, unless
rejected almost immediately Thursday by new highs for the rally.
Dec Contract US; (NYSEARCA:TLT)
The rally extended Wednesday to a new high at 135-23, targeting
136-28 so long as pullbacks now hold 135-12. But momentum won't
reverse down without closing under 134-24.
Oct Contract CL; (NYSEARCA:USO)
The next lower target at 96.35 was tested at Wednesday morning's
low. The balance of the session firmed, holding the 97.35 bounce
limit that keeps alive potential for extending to the next lower
target at 92.85-93.15.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's gap up helped to refuel sellers for extending the
decline to fulfill its minimum third lower close, which was put
into play by Tuesday's confirmation. There is potential for
bottoming at 3.53-3.55, but closing under would signal new lows