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.
Can crude oil extend its rally now that its minimum objective was met?
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)
Rejecting Tuesday’s gap up above the rally’s 83.33 target immediately at Wednesday’s open would form an "Island Reversal," likely to extend down at least temporarily.
Jun Contract EC; (NYSEARCA:FXE)
Monday’s biased-up inside day was likely to fail, which Tuesday’s drop back into the 1.2955-1.3020 target range fulfilled. Trending is now likely to resume, and the first break beyond 1.2955-1.3075 is likely to extend in that direction.
Aug Contract GC; (NYSEARCA:GLD)
Extending to 1267.00 was enough for a reaction down to test the 1240.00 pullback limit. Back above 1248.50 would put into play the 1271.50 target.
Sep Contract SI; (NYSEARCA:SLV)
Tuesday’s dip extended further down to test 19.30, still requiring a recovery above 19.70 to trigger a rally.
Sep Contract US; (NYSEARCA:TLT)
Yet another day of consolidating narrowly above 135-00 and still no retest of recent lows. The extended narrowing range suggests the first trending attempt will be false, and reversed more substantially in the opposite direction.
Aug Contract CL; (NYSEARCA:USO)
The rally extended to its minimum objective of filling the gap outstanding to the 98.45-99.00 gap, and through it to test 99.85. Potential for extending higher to 101.75 and 106.35 remains alive so long as pullbacks now hold 99.15 as support.
Aug Contract CL; (NYSEARCA:UNG, UNL)
Tuesday’s gap up to the 3.62 buy signal soon extended higher to test 3.66, still needing to recover 3.73 to signal a new rally leg underway.
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