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.
Volatile stock market action was ignored by mostly narrow ranging among currencies and metals.
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 RodDavid .com
Sep Contract DX; (UUP), (UDN)
Another day, another narrow range around prior lows. Still no greater likelihood of extending lower.
Sep Contract EC; (FXE)
Like the dollar, Wednesday’s action in the euro only ranged narrowly around its prior highs. Still no greater likelihood of extending higher.
Dec Contract GC; (GLD)
Tuesday’s test of the 1700.00 target was consolidated Wednesday. The shallow ranging suggests that optimism is extreme, and a fresh high would be vulnerable to whipsawing down.
Sep Contract SI; (SLV)
Flat-to-higher firming Wednesday further consolidated recent gains, still targeting 33.00 so long as 31.80 and 31.30 were to hold any test as support.
Dec Contract US; (TLT)
Despite having held its test of 151-22 resistance Tuesday (150-26 basis Sep), Wednesday’s shallow reaction down underscores there not being an attractive risk:reward setup. However, now closing under 150-18 would trigger a corrective dip targeting 149-22.
Oct Contract CL; (USO)
Tuesday’s impatient selling pressure extended lower Wednesday morning, but recovered positive territory into the noon hour. At least Tuesday afternoon’s lows held as support to suggest that sellers had lost momentum. Closing above at least 96.15 would start to signal momentum having reversed back up.
Oct Contract NG; (UNG), (UNL)
The recent bounce could have extended through its 2.89 target that was met Tuesday had the narrow consolidation resolved up immediately. But Wednesday’s open gapped down under 2.82 support. The rally can resume to 3.08 so long as 2.76 now holds as support.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.