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.
Crude oil’s buyers were rewarded Wednesday for having absorbed two consecutive sessions of intraday dips. The reward was delivered so quickly that the pattern has greater potential for extending even higher.
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)
The rally through Tuesday needed to begin reversing down immediately if it were going to avoid extending much higher. Wednesday’s narrow ranging didn’t probe any higher, so the delay can be excused if a drop is evident early Thursday.
Jun Contract EC; (NYSEARCA:FXE)
A rejection of Tuesday’s test of recent lows was needed without delay to maintain potential for resuming and extending the rally. Wednesday’s narrow sideways ranging allows delaying the resolution into Thursday’s open.
Apr Contract GC; (NYSEARCA:GLD)
Tuesday night’s recovery back above 1418.50-1420.00 resistance extended back up to 1433.50. There continues to be no reason for much further delay in extending the rally through 1441.00 resistance to fulfill its 1556.00 objective.
May Contract SI; (NYSEARCA:SLV)
Tuesday’s gap down didn’t seem to have gained traction. An overnight rally held tests of the 23.25 buy signal, but still gapped up Wednesday. Extending above 23.55 would confirm a new rally leg underway initially targeting 24.15.
Mar Contract US; (NYSEARCA:TLT)
Tuesday’s reaction down from attacking the 149-14 objective repeated recent prior behavior of consolidating narrowly at 148-00 pullback limit. Despite the potential unfinished business above, the uptrend continues to appear tenuous.
Apr Contract CL; (NYSEARCA:USO)
This week’s volatile dips that nevertheless recovered back up to 89.20 had earned a probe of fresh highs to at least 91.05. That was probed by Wednesday’s $2.30 rally testing 91.50. Holding above 90.55 would allow extending higher to test 93.55-93.75.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The retracement of last Thursday’s surge was retraced entirely back to its 4.17 origin at Wednesday’s low. However, the breakout needed to hold 4.21 to be assured of resuming the rally. Now, 4.35 must be recovered to signal the rally has resumed.
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.