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.
Wednesday should almost immediately reverse the direction from Tuesday’s pullbacks in gold and currencies if any reversal is coming anytime soon.
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)
More of Friday’s drop back up to 80.50 was retraced Tuesday. At least one more fresh low at 79.75 remains likely so long as 80.55 holds as resistance.
Dec Contract EC; (NYSEARCA:FXE)
Tuesday’s drop back toward Friday’s 1.2915 lows should be the correction’s end to allow at least one more fresh high targeting 1.3050.
Dec Contract GC; (NYSEARCA:GLD)
The rally made no higher highs before extending Monday’s pullback Tuesday to test 1741.50. Back above 1750.00 would target at least one more higher high at 1763.00, with potential for extending up to 1802.50 or higher.
Dec Contract SI; (NYSEARCA:SLV)
Tuesday’s narrow sideways range held Monday’s 33.90 low as support. Back above 34.15 would target 34.50, and any higher would target at least 36.00.
Dec Contract US; (NYSEARCA:TLT)
The recovery above 150-14 did not extend higher Tuesday, which instead ranged narrowly back to 150-31 resistance.
Jan Contract CL; (NYSEARCA:USO)
Both ends of the 86.70-88.50 range were attacked intraday Tuesday, but neither was broken to trigger the next leg.
Dec Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday’s gap down back to the last relative low’s buy signal did not extend down any lower, allowing the drop to still be considered only a corrective pullback. But a recovery above 3.82 is still needed to signal momentum reversing up.
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