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.
Today's Highlight: Crude should resume its rally early Wednesday if its higher targets remain intact. Interestingly, the timing coincides with weekly EIA data.
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 is not.
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 can develop.
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.
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, atRodDavid .com .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.