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.
Lower volume sessions like Monday’s Veterans' Day with the bond market closed. Trending underway or attempted into last week’s close in currencies and metals could still extend Tuesday.
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
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Friday’s gap up never extended further intraday, making it vulnerable to rejection Monday. But Monday’s narrow ranging did not reject Friday’s gap up, leaving the recovery’s momentum intact.
Dec Contract EC; (NYSEARCA:FXE)
Friday’s gap down never extended further intraday, making it vulnerable to rejection Monday. But Monday’s narrow ranging did not reject Friday’s gap down, leaving the declne’s momentum intact.
Dec Contract GC; (NYSEARCA:GLD)
Buyers got some benefit of the doubt last week for extending the bounce above 1727.00. There was no follow-through Monday, and closing back under 1727.00 would at least target 1700.00, if not also resume the decline.
Dec Contract SI; (NYSEARCA:SLV)
Potential for a recovery to test 33.00 remains alive despite Monday’s dip that tested 32.25 as support. Closing any lower would target 31.05, and possibly resume the decline.
Dec Contract US; (NYSEARCA:TLT)
Monday’s narrow inside range was not surprising for Veterans' Day action. Parameters remain intact.
Dec Contract CL; (NYSEARCA:USO)
Friday’s bounce was not rejected Monday, which does undermine whether Friday’s bounce was simply trying to elicit a slingshot effect to resume the decline. Almost any delay in resolving down Tuesday would suggest a bigger bounce underway.
Dec Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday’s break to fresh lows was not confirmed by a second consecutive lower low Monday. That is not a buy signal and doesn’t preclude there being lower lows anyway. But it opens the door to a buy setup if Tuesday were to close higher, too.
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