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 long-standing objective to retest January 4’s low opening gap was finally satisfied Thursday. That was the attraction below. As for the force from above, it has yet to lapse. But the expectation for this to begin developing a bottom is still valid.
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)
Two days of testing 80.05 support resolved up Thursday to test fresh highs at 80.70. But there is no indication of actual trending; there was no trending intraday from open to close so this may be the upper-end of the wide trading range I have been discussing here.
Mar Contract EC; (NYSEARCA:FXE)
Thursday’s gap down to prior lows, from two prior days holding 1.3465-1.3475 resistance, did not trend any further intraday. Despite its ostentatious beginning, this may be the lower-end to the wide trading range I have been discussing here.
Apr Contract GC; (NYSEARCA:GLD)
One or two blips down early Thursday teased the long outstanding 1637.40 objective, but were never credible for recovering. Ultimately, fresh lows probed under 1633.00, likely also to probe under 1628.00 before having potential to bottom.
Mar Contract SI; (NYSEARCA:SLV)
The long-outstanding 30.25 target was fulfilled Thursday. Despite reacting off of it, its retest is likely down to the 30.00 area.
Mar Contract US; (NYSEARCA:TLT)
Thursday’s opening recovery to 143-04 resistance later extended to 143-18 resistance on the 30-year auction results. Closing any higher Friday would start to signal at least a corrective bounce to 145-03, if not a bigger rally leg underway. But back under 143-04 would reject Thursday’s bounce and launch what should then be an almost uninterrupted drop to 121-26.
Mar Contract CL; (NYSEARCA:USO)
Wednesday’s afternoon’s late dip to 96.60-96.75 support left no time or room to tolerate further dip or delay in rallying. Thursday’s open gapped up well above 97.00 to reject Wednesday’s dip. The balance of the session chipped away at 97.80 resistance. Now Friday’s open similarly should not delay extending higher.
Mar Contract NG; (UNG), (NYSEARCA:UNL)
Repeatedly failing to trigger a rally leg above 3.33 had already made new lows likely, although a rally leg still could have triggered. Thursday’s EIA report put an end to that, triggering a downleg to new lows testing 3.13 and likely headed to 3.00.
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.