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 failed opening surge Tuesday all but confirms that the pattern requires fresh lows before any rally would be credible.
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)
Tuesday’s gap down held 82.05 as support intraday, which had been probed overnight. The opportunity to form an island reversal is no longer possible. But a test of 82.37 that reverses back down under 82.25 could trigger a steep downleg.
Mar Contract EC; (NYSEARCA:FXE)
Tuesday’s narrowly ranging day did not trigger a signal. Back above 1.3105-1.3113 would signal momentum reversing up and potentially targeting 1.3185 and 1.3300.
Apr Contract GC; (NYSEARCA:GLD)
Tuesday’s pre-open test of 1584.00 was reversed back down to 1571.00, testing 1575.00 into the close. The pattern through Monday’s close had already made new lows likely. The reversal through Tuesday’s close reinforces that likelihood.
Mar Contract SI; (NYSEARCA:SLV)
Tuesday’s open above 29.00 was retraced almost entirely back to Monday’s 28.50 close, still testing 28.65 at the close. A fresh low remains likely, so long as 28.65 continues holding as resistance.
Mar Contract US; (NYSEARCA:TLT)
Tuesday’s open gapped down from testing 144-22 resistance to 143-20, which was last week’s sell signal. Its retest held again, but now 143-30 must be recovered to avoid any lower low from gaining traction.
Apr Contract CL; (NYSEARCA:USO)
Firming throughout Tuesday to test 90.75 resistance enables a recovery Wednesday to gain traction above 91.45, but it must be in-play at the open to be credible.
Mar Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
A gap up to fresh highs Tuesday probed above last week’s 3.55 high to attack 3.60. Back under 3.55 and 3.52 would signal momentum reversing down, but there is otherwise potential for extending higher.
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