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.
Gold’s reaction up from support nearly sealed a bottom. But that’s what Mondays are for.
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
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The 79.79 corrective bounce target was nearly met by Friday’s gap up that extended sharply higher intraday. It remains in-play so long as 79.55 holds as support.
Mar Contract EC; (NYSEARCA:FXE)
Thursday’s reaction down from retesting 1.3313 extended down Friday to 1.3170. The initial 1.3140 target remains in-play so long as 1.3225 is not recovered.
Feb Contract GC; (NYSEARCA:GLD)
Thursday’s test of the 1636.00-1639.00 area was repeated somewhat overnight before Friday’s rally back up to and through 1652.00-1657.00. The range’s upper-end was still being tested throughout the afternoon. Closing Monday above 1665.00-1667.00 would confirm momentum having reversed up.
Mar Contract SI; (NYSEARCA:SLV)
Holding 29.50 as support suggests a bounce underway targeting at least 31.65.
Mar Contract US; (NYSEARCA:TLT)
Two consecutive shallow tests of the 147-00/147-12 bounce target’s lower-end kept alive potential for probing the range more thoroughly. Friday’s gap up to the range’s upper-end held its test. Despite extending at one point up to 147-23, the strength still seemed subdued relative to the stock market decline, suggesting its bounce was only temporary.
Feb Contract CL; (NYSEARCA:USO)
Thursday’s retest of 90.25 resistance was rejected by Friday’s break back under 89.65, which extended down to test 88.00. Another test of 86.80 is likely so long as 88.88 now holds as resistance. Avoiding a second consecutive lower close Monday would all but marginalize buyers, so look out above if the reversal down fails.
Jan Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday’s probe of Tuesday’s high all but required that Friday extend higher sharply, or else a rally would be unlikely. Trending up immediately Monday could serve by proxy for Friday’s sideways range.
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