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.
Crude pil got into the holiday spirit Wednesday, a little late in more ways than one, as the reaction up must avoid any lower close.
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)
After teasing it Thursday, the 79.79 corrective bounce target was met Friday. And tested further Monday. Its reaction back down to 79.50 was largely recovered. Closing under 79.55 would target 79.30 and 79.05. But another probe above 79.79 would target 80.20.
Mar Contract EC; (NYSEARCA:FXE)
The 1.3140 target was never tested, and not even attacked. Meanwhile, the reaction down from 1.3313 was retraced by 61.8% to test 1.3265. Any higher would target 1.3305, whose break would target new highs. Under 1.3196 would resume the decline.
Feb Contract GC; (NYSEARCA:GLD)
The extended consolidation around 1657.00 was extended Wednesday to attack 1669.00. The session returned to 1660.00, but did not close under 1657.00 where the recovery would be rejected.
Mar Contract SI; (NYSEARCA:SLV)
The bounce potential to 31.65 signaled Friday has not yet extended, but has meanwhile absorbed selling pressure back down to 29.85.
Mar Contract US; (NYSEARCA:TLT)
Monday’s dip back into the 147-00/147-12 corrective target area was rejected somewhat Wednesday by firming. But the session ultimately only ranged around 147-12.
Feb Contract CL; (NYSEARCA:USO)
Avoiding a second consecutive lower close Monday all but marginalized sellers. Firming back to 89.20 over the holiday launched a surge through 91.00 Wednesday. Now pullbacks to 90.05-90.30 are likely to hold, if the rally is to extend.
Jan Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday’s rejection of Friday’s recovery did not gain traction, but there is no signal in-play to trend either way.
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