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.
Is crude oil ready to roll over? Monday’s attempt was cut short, but only so that an attraction above could be neutralized. That action often precedes a serious trending attempt.
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
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday’s inside day and narrow ranging around 80.05-80.10 doesn’t confirm that the recent bounce has gained any durable traction. A dip to 79.35-79.75 should precede a reliable recovery leg at this stage.
Dec Contract EC; (NYSEARCA:FXE)
Monday’s inside day did not confirm Friday’s break lower, which otherwise held the expected test of “lower prior highs.” Tuesday should fulfill or begin fulfilling that pattern’s subsequent expectations for attacking recent highs at 1.3625 or up to 1.3670.
Dec Contract GC; (NYSEARCA:GLD)
Monday’s probe above the 1306.00-1321.00 range’s upper-end fulfilled expectations that resistance had been chipped away enough for an obligatory probe above it. But it has stretched the rubber band to where it will either break higher with a second consecutive higher close Tuesday, or else react down sharply back to and through 1306.00.
Dec Contract SI; (NYSEARCA:SLV)
Repeatedly chipping away at 21.88-21.95 resistance was finally rewarded by Monday’s gap up through it that extended higher intraday to attack 22.50. The resolution to testing 21.88-21.95 as support would dictate the next substantial trend.
Dec Contract US; (NYSEARCA:TLT)
Gapping up slightly Monday keeps alive the pattern’s requirement for at least one more fresh high close, especially so long as 132-22 continues holding as support.
Oct Contract CL; (NYSEARCA:USO)
Monday’s gap down probed under 102.30 (and under 102.00) was retraced enough to fill the gap back to Friday’s 103.68 close. Having neutralized its attraction above, closing under 102.30 would be likely to extend down without delay to fulfill the 99.10 target.
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA: UNL)
Last Tuesday’s gap up and extension through 3.59 was the pattern’s last buy signal. It wasn’t confirmed the following day, and now the interim dip has recovered to gap up Monday and extend through 3.59 again. A second consecutive higher close Tuesday is still needed for confirmation.
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.