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 tripped its signal almost immediately Thursday, which was ultimately very productive intraday. A second consecutive higher close Friday would confirm that higher targets are in play. And gold having the portfolio application that it has, a rally mentality there would have interesting complementary and contrary implications elsewhere.
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
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Very narrow ranging Thursday extended the narrowing range that was underway already Tuesday, making the first trending attempt vulnerable to reversing more substantially in the opposite direction.
Mar Contract EC; (NYSEARCA:FXE)
Thursday’s gap up never extended higher despite ranging entirely in positive territory. Like Tuesday, the price action offered no new information to the pattern.
Feb Contract GC; (NYSEARCA:GLD)
Returning to 1205.00 Thursday didn’t hesitate much before extending through the sell signal up to 1215.40. So long as 1205.00 holds as support, then 1217.00 and 1232.50 are in play.
Mar Contract SI; (NYSEARCA:SLV)
Thursday’s open gapped up to and through the pattern’s 19.70 buy signal, extending higher to put at least 20.45 into play.
Mar Contract US; (NYSEARCA:TLT)
Ranging around the 129-16 sell signal finally broke lower, testing 128-10 and targeting fresh lows at 127-28 so long as 128-20 isn’t recovered.
Feb Contract CL; (NYSEARCA:USO)
Fresh highs at 99.70 Thursday appear to be resuming the rally already underway that is targeting 101.50. Closing back under 98.55-98.65 first would signal instead that a false breakout was reversing down.
Jan Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday morning’s dip was a more thorough test of the 4.39-4.42 pullback limit. It held again, reacting back up to Tuesday’s 4.45 highs. Almost any initial strength Friday would be credible for extending sharply higher through the one-day delayed EIA report. Closing above 4.51 would renew the rally’s momentum. There is no bullish reason to extend the 4.39-4.42 pullback limit’s test.
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