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.
Wednesday’s double-digit gold plunge finally met the correction’s target. The Dollar Index’s fresh highs simultaneously tested resistance. Their trends should reverse direction by midday Thursday, unless the trends intend to extend much further.
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 next higher target at 84.20 was touched very early Wednesday, and held. Back under 83.60 would signal the rally’s end and its reversal. There is otherwise potential for extending the rally up to 84.45.
Jun Contract EC; (NYSEARCA:FXE)
Extended to fresh lows Tuesday kept alive the decline next targeting 1.2875, which was probed down to 1.2845. Closing any lower would target new lows at 1.2745.
Apr Contract GC; (NYSEARCA:GLD)
Tuesday’s third consecutive intraday probe under 1429.50 had all but required extending to the 1400.00 objective without further delay. The overnight drop extending through Wednesday morning to 1389.00. Back above 1419.00 would signal the drop had ended and momentum was reversing up, targeting 1532.50. Bounces should meanwhile hold 1409.50 if there is any potential for extending the decline through 1483.00 to new lows.
May Contract SI; (NYSEARCA:SLV)
Overnight selling extended to finally test the pullback’s 22.95 objective. Hesitation there soon resolved down to 22.45. Back above 23.25 would signal the drop had ended and momentum was reversing up. The decline is otherwise next targeting 21.55-21.75.
Jun Contract US; (NYSEARCA:TLT)
Tuesday’s drop extended further overnight to attack 143-13 within 3 ticks. Wednesday morning’s bounce was retraced back to the overnight lows. But a close under 143-13 is needed to put into play 142-20. Any recovery signal otherwise depends upon closing back above 144-24.
Apr Contract CL; (NYSEARCA:USO)
The drop extended down sharply from Tuesday’s 94.25 close into Wednesday’s open, soon testing 92.35 support. The entire drop was recovered into noon. And there is still room up to 96.00 before any higher close would signal 98.10 is in-play — and probably higher.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thorough testing of 3.95-4.00 from above and below produced a gap up Wednesday to test the 4.05 buy signal. Recovering it on a closing basis would target 4.16, whose recovery would trigger a new upleg.
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