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 pattern this week of gap after gap after gap has all been
gaps up -- that is, until the end, which gapped down. Was this a
chink in the armor?
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)
Having dipped into Thursday's close, the 83.33 level attracted
price back up into Friday's open. The balance of the session ranged
narrowly sideways, with no active signal.
Jun Contract EC; (NYSEARCA:FXE)
Thursday's late surge off of 1.3020 support was retraced entirely
into Friday's open. The balance of the session ranged narrowly
sideways within Thursday morning's range. There is no active
signal, but a retest of Wednesday's 1.3200 high should hold and
reverse back down.
Aug Contract GC; (NYSEARCA:GLD)
Despite gapping down, Friday's open held a test of 1268.00 and
1271.50 support. The balance of the session ranged narrowly in
negative territory. A retest of 1268.00-1271.50 support should
extend back down to 1249.00, and potentially begin another downleg.
Sep Contract SI; (NYSEARCA:SLV)
Friday's gap down under Thursday's intraday range did not
completely reject the test of 20.00 resistance. But its immediate
recovery may be the only way to avoid a deeper dip targeting 19.30,
or even fresh lows.
Sep Contract US; (NYSEARCA:TLT)
Friday morning's bounce to 135-00 resistance was retraced to
unchanged, as the attraction to fill the gap back down to
Wednesday's gap continues to inhibit a recovery.
Aug Contract CL; (NYSEARCA:USO)
The reaction down to 104.30 was itself retraced back up to 106.05
Friday, and could test 106.25-106.75 before the rally abandons a
deeper correction to 102.45 or 103.25.
Aug Contract CL; (NYSEARCA:UNG, UNL)
Thursday's retest of 3.55-3.60 support was rejected again, but
Friday's surge stopped short of the 3.73 buy signal.