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 extended lower without first correcting Thursday’s break. That’s a lot of selling pressure to expend in so short a time. It does suggest this drop is only a temporary correction, but it makes the low’s retest more difficult.
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)
Friday’s gap down to 79.85 support held, preventing a lower target from being put into play.
Mar Contract EC; (NYSEARCA:FXE)
Thursday’s breakout extended to its 1.3465-1.3475 objective Friday. The pattern is now vulnerable to reversing down. Not reversing down Monday morning under 1.3380 would put into play the next higher objective at 1.3560-1.3580.
Feb Contract GC; (NYSEARCA:GLD)
The decline did not correct before extending down Friday. And the decline extended down by gapping again. This leaves sellers unrefueled as they test 1656.00 support, now vulnerable to testing 1675.00 resistance before resuming the decline to 1637.40.
Mar Contract SI; (NYSEARCA:SLV)
Thursday’s reaction down from attacking 32.50 extended Friday to 31.20, suggesting a deeper correction underway to at least 30.50.
Mar Contract US; (NYSEARCA:TLT)
Friday rewarded buyers that had absorbed the mid-week testing of 146-00/146-04 resistance. The overnight drop through 145-16 extended to and through its 144-16 objective to 144-02. The 142-26/143-04 objective is in-play so long as 144-16 isn’t recovered.
Mar Contract CL; (NYSEARCA:USO)
After Thursday’s open rejected Wednesday’s late decline, a shallower dip Friday morning was recovered intraday, but only to unchanged, all but requiring Monday to extend the rally targeting 99.00 to avoid another downdraft.
Mar Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday’s reaction down to 3.44 wasn’t recovered into the weekend, further suggesting that at least 3.37 would be tested, if not also 3.25.
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