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Did the Euro Warn That the Corrections From Friday's Lows Have Ended?

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Plus, targets and supports for major commodities.

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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.

Today's Highlight: Tuesday's price action among most futures was relatively subdued. Apart from some opening gaps, intraday volatility was minimal. Another calm before the storm?

Dollar Basket
Jun Contract DX; (UUP), (UDN)
Monday's testing of 81.30 support was rejected immediately by Tuesday's gap up. A retest of last week's 81.93 high is in-play so long as 81.30 holds as support.

Eurodollar
Jun Contract EC; (FXE)
Monday's late surge offered dubious confirmation to Friday's new relative high close. Tuesday's gap down confirmed suspicions, and the morning extended lower to test 1.2725 support. Bounces should now hold 1.2740-1.2750 as resistance on the way back down to retesting last week's 1.2645 low.

Gold
Jun Contract GC; (GLD)
Tuesday's gap down to 1578.00 support could have formed an Island that would eventually attract price higher. But a bounce already filled the gap back to Monday's close, before reversing back down to session lows. There is no unfinished business above, and a second consecutive lower close Wednesday would signal a retest of underway of 1552.50 and potentially also 1533.00.

Silver
Jun Contract SI; (SLV)
Monday's gap down to 28.15 had not gained traction, making the gap back to Friday's 28.75 close likely to be filled. Its test Tuesday was rejected that afternoon back down to 28.15. Back under 27.65-27.90 would signal a bigger decline underway.

30-Year Treasury
Jun Contract US; (TLT)
Holding Monday's test of 147-14 support suggested a fresh intraday high retesting 148-22 was likely. But Tuesday's open gapped down to 146-28. Ranging narrowly around it all day did not give sellers traction, and now there is an attraction above back to the gap from Monday's 148-00 close. But a second consecutive lower close would trigger a bigger decline targeting 144-20/145-04.

Crude Oil
Jul Contract CL; (USO)
Monday's intraday failure to break above Friday's highs kept buyers from gaining traction. Tuesday's retest of the decline's 92.05 (91.75 basis June) target must launch an immediate recovery above 92.70-92.90, or else a lower close would put into play 86.00.

Natural Gas
Jun Contract NG; (UNG), (UNL)
Having held the 2.62 pullback limit through Monday's close, Tuesday's recovery leaves no unfinished business below. But a close above 2.72 would resume the rally, next targeting 2.87 and 3.03.


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.
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No positions in stocks mentioned.
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