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 rally Monday could have probed fresh highs, but it didn’t, which is potentially bullish from a contrarian perspective.
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
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Ranging narrowly sideways Monday didn’t extend Friday’s drop, but the session did not retrace it, keeping the decline’s momentum intact so long as 82.20 were not recovered.
Sep Contract EC; (NYSEARCA:FXE)
Friday’s highs held as resistance as price only ranged narrowly sideways Monday, so the rally’s momentum remains intact so long as 1.3205 were to hold as support.
Aug Contract GC; (NYSEARCA:GLD)
Friday’s dip to the 1312.50 sell signal and recovery back above 1319.00-1320.00 extended sharply Sunday night. Testing 1338.00 stopped pessimistically short of probing fresh highs, which potentially is bullish from a contrarian perspective, so long as 1319.00-1320.00 now holds as support.
Sep Contract SI; (NYSEARCA:SLV)
Monday’s gap up above 20.00 immediately filled the gap back up to Thursday’s close, and its immediate reaction down entered a narrow range around 19.90. Closing lower Tuesday would signal a bigger drop underway. Otherwise, back above Monday’s high would resume the recovery.
Sep Contract US; (NYSEARCA:TLT)
Sunday night’s test of 135-00 resistance held again and Monday extended down to 133-26, whose break Tuesday would suggest last week’s decline targeting 132-24 has necessarily resumed.
Sep Contract CL; (NYSEARCA:USO)
Friday’s retest of 104.00 did not yield any further bounce Monday as price ranged sideways, still needing to recover above 106.00 to avoid a deeper break targeting 99.00.
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
There was no bullish reason for dipping Friday back into 3.55-3.60 support, which Monday’s open proved by gapping down to new lows. The gap down under all prior lows prevents it from serving as a bottom, although gapping up back above would form a temporary island reversal.
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