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.
While Veterans' Day’s inhibition prevented trending Monday, releasing that pent-up pressure Tuesday seemed to push prices too far, too quickly. Energies are giving the clearest signals of trying to trend, but even they seem confused, with crude oil trying to trend downward and natural gas trying to trend upward.
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)
Veterans' Day did delay Friday’s gap down from extending further. Sort of. The pent-up buying pressure resolved down sharply Monday night to new highs at 81.32. But it was retraced entirely. Still, sellers gained no traction since positive territory was maintained.
Dec Contract EC; (NYSEARCA:FXE)
Monday night’s drop to new lows at 1.2665 was eventually retraced back into positive territory Tuesday. But the open’s gap down to 1.2697 will want to be filled, possibly very soon since Tuesday did not recover positive territory.
Dec Contract GC; (NYSEARCA:GLD)
The weak rally did not extend higher. And a probe under 1727.00 support down to almost 1717.00 still failed to maintain its momentary recovery back above 1727.00. Closing under 1714.50 would confirm momentum had reversed down targeting 1700.00.
Dec Contract SI; (NYSEARCA:SLV)
Tuesday’s fresh high up to 32.85 was retraced back under the 32.50 prior highs, and back into negative territory. Now that a fresh high has been probed, any delay in extending higher would essentially signal the recovery attempt had failed.
Dec Contract US; (NYSEARCA:TLT)
It did not take very long after the Veterans' Day holiday for the rally to resume and test its 152-16 target to within 1 tick. Its reaction down was recovered back above last week’s 152-00 prior high to prevent sellers from gaining traction. Retesting Tuesday’s high without delay could extend up to 152-30 and 153-14. Back under 151-08 would signal momentum reversing down.
Dec Contract CL; (NYSEARCA:USO)
Monday’s delay in rejecting Friday’s bounce to 86.75 was fulfilled anyway by gapping down Tuesday to test 84.50. The open’s gap was filled, but the drop’s resumption and its 82.00 target get a benefit of the doubt so long as 86.00 is not recovered.
Dec Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday’s bounce had avoided confirming Friday’s drop under the 3.53 prior lows. In fact, Monday’s bounce recovered to attack the 3.61 level where Thursday’s close had threatened to rally. Tuesday’s open did rally, gapping up sharply to 3.65 extending higher to 3.74. Closing any higher Wednesday would confirm 3.80 and new highs above 4.00 are in-play.
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.