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.
Silver has lagged behind while gold ekes out higher and higher highs. Now gold has fulfilled this upleg's minimum objective and held it as resistance through the Tuesday's close. The rally had better resume without delay if it intends to resume, at all.
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)
Tuesday's gap down rejected a bounce into positive territory. The 79.80 target below remains in play, but probably without any reliability in the path there.
Mar Contract EC; (NYSEARCA:FXE)
Tuesday's retest of last week's highs up to 1.3765 didn't extend higher, and still should probe fresh highs before any downleg would be credible for extending back to prior lows.
Apr Contract GC; (NYSEARCA:GLD)
Overnight weakness was absorbed and a probe of fresh highs tested the 1342.00 target by almost $2. Potential to 1349.00 requires that pullbacks now hold 1337.00 as support.
Mar Contract SI; (NYSEARCA:SLV)
Tuesday's gap down didn't extend, and held the rally's 21.70 pullback limit. Recovering Monday's high and closing above 22.12 would be the earliest signal that the rally may be extending instead of topping.
Mar Contract US; (NYSEARCA:TLT)
The bounce extended back to last week's high, still without yet filling the gap back to the low's 132-08 close. Prior highs should be retested above 135-00, too. Extending above 133-24 would start to make that retest likelier, first.
Apr Contract CL; (NYSEARCA:USO)
Still nothing compelling about the 103.00 area. Its reaction down to 101.00 Tuesday is too shallow to make long entry compelling when the minimum upside objective may be only one more higher close. And short entry isn't compelling with only Monday's close trying to fulfill that objective.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's stunning reversal extended down initially overnight Monday. Tuesday's fresh low at 4.53 probed the downside objective by a nickel, and was recovered up to 4.77 which had been the decline's first objective. The 4.85 sell signal may be tested, too. There is no active signal at this time.
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