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.
The approaching weekend seems to be settling scores along the way, with gold finally breaking lower Thursday and crude oil retracing Wednesday’s bounce. Will more of the recent moves be brought back in-line Friday, like the euro’s bounce?
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)
Gapping up Thursday rewarded Wednesday’s buyers for defending 81.05 support. But that didn’t prevent a lower low intraday, down to 81.00 support. Recovering both through the close now requires resuming the rally without delay to avoid a deeper drop.
Dec Contract EC; (NYSEARCA:FXE)
Thursday’s open surged to a fresh high above 1.2800, which was retraced back under Wednesday’s 1.2787 high. Back under 1.2750 would signal momentum reversing down, and the bounce is otherwise vulnerable to extending higher.
Dec Contract GC; (NYSEARCA:GLD)
Ranging around 1727.00 finally reacted down aggressively Thursday to 1704.50. Its reaction up to 1717.00 traded out the day ranging around 1714.50, whose break would confirm at least 1700.00 is in-play.
Dec Contract SI; (NYSEARCA:SLV)
Wednesday’s attack on 33.00 resistance reacted down sharply Thursday to test 32.25 support, which held. There is no active signal.
Dec Contract US; (NYSEARCA:TLT)
Wednesday’s bounce back to Tuesday’s close had neutralized the gap’s attraction. Not immediately dropping again Thursday allowed Wednesday’s bounce to extend higher. It did, and it didn’t. Fresh intraday highs peaked upon touching the 152-15 prior high, which itself fulfilled the rally’s next higher target. But the rally should extend higher Friday if not reversing down by mid-morning.
Dec Contract CL; (NYSEARCA:USO)
Wednesday’s bounce in reaction to the Gaza strike seemed only obligatory. Continued, if not escalated, violence did not prevent retracing it Thursday back down to the bounce’s 84.70 origin. A fresh low should extend down to 81.85-82.50.
Dec Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday morning’s drop back under 3.70 did recover, all the way up to 3.83. The afternoon’s drop back down to 3.70 did not. That’s a lot of swinging intraday so the next trending attempt beyond Thursday’s range should fail.
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.