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 new lows haven’t stopped, they’ve just stopped extending down intraday. That doesn’t prevent there being another fresh low, and it’s not yet a buy signal, but it’s 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
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Thursday’s surge to fresh highs at 83.66 was reversed back into negative territory at 82.75. Bounces should hold 83.10-83.20 if the reversal intends to extend into a downleg targeting 81.40 and lower.
Jun Contract EC; (NYSEARCA:FXE)
Thursday’s plunge from 1.2855 back to the 1.2750 prior lows was recovered entirely, and then some by another surge to 1.2955. So long as pullbacks hold 1.2895, a fresh high above 1.3010 could trigger a rally targeting 1.3325.
Apr Contract GC; (NYSEARCA:GLD)
The drop extended down overnight to 1539.50, but intraday lows held tests of 1547.50. Closing above 1557.50 would signal momentum reversing up, but a retest of 1539.50 can’t yet be discounted.
May Contract SI; (NYSEARCA:SLV)
Fresh lows recovered to close positive Thursday, suggesting that a bottom is forming. Back above 26.95 would confirm.
Mar Contract US; (NYSEARCA:TLT)
The rally extended through 145-22 to its next higher objective at 146-12. Back under 145-14 would signal momentum reversing down.
Apr Contract CL; (NYSEARCA:USO)
Extending down sharply Wednesday night had removed almost any chance of Thursday recovering 96.00. The dip to 92.23 stopped short of recovering back above 93.75-94.15 to signal that sellers had lost momentum.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday’s fresh low at 3.86 was recovered into positive territory. More important is that its open gapped up, and the close almost recovered above the open’s high, which would have formed a Pivot Reversal. Almost any higher high Friday above 3.98 could extend sharply into and out of the weekend.
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.