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.
Silver’s early drop to a new low was recovered back above relevant support. Unless repeated immediately, Thursday should rally back to recent highs, and eventually through them.
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
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday night’s rally through 83.20-83.40 gapped up Wednesday to fresh highs testing 83.50. Pullbacks must now hold tests of 83.30 to maintain the breakout, and a close under 83.00 would signal momentum reversing down sharply.
Jun Contract EC; (NYSEARCA:FXE)
Wednesday’s immediate follow-through to fresh lows was appropriate for Monday’s breakout, since Tuesday’s confirmation was only a new low close. The trend remains down so long as 1.2865 is not recovered.
Apr Contract GC; (NYSEARCA:GLD)
Wednesday’s recovery back above 1596.50-1601.00 neutralized an outstanding gap above. Sellers must retake control by Thursday afternoon to avoid a new upleg launching. (Coverage rolls tomorrow to June.)
May Contract SI; (NYSEARCA:SLV)
Wednesday’s gap down to 28.32 narrowly avoided piercing prior lows. So, recovering the intraday low’s new low to close back above 28.65 left no unfinished business below. Almost any higher high initially Thursday, confirmed above 29.10, could extend up above 30.35.
Mar Contract US; (NYSEARCA:TLT)
The delayed breakout above 143-22 compensated for its delay Wednesday by gapping up sharply to 144-16. Extending higher without delay Thursday would target 145-14 and 145-22.
Apr Contract CL; (NYSEARCA:USO)
The opportunity for a pullback Wednesday was only shallow as an initial dip was recovered to fresh highs testing 96.85. The 99.00 target remains intact, now likely to be met without much further hesitation.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday’s failure to confirm Monday’s break lower was rewarded by probing fresh highs Wednesday above 4.00. A second consecutive higher close Thursday would target 4.40.
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.