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30-Year Bond May Be Preparing for a Corrective Bounce Ahead of Employment Situation Report


The influential report comes out Friday, and relevant support is being tested.

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 Highlights: Natural gas showed us Monday by gapping down sharply what can happen when one trend extends without refueling along the way. Meanwhile, the long bond has been dumping a lot of ballast lately. Interestingly, the influential Employment Situation report is approaching, and relevant support is being tested.

Dollar Basket
Monday's ranging around 79.85 continued to prevent the downleg from resuming.

Mar Contract EC; (NYSEARCA:FXE)
Friday's test of the 1.3465-1.3475 objective held Monday, containing a very narrow intraday range. The pattern remains vulnerable to reversing down.

Feb Contract GC; (NYSEARCA:GLD)
Fresh lows down to 1651.00 at Monday's open did not suggest Friday's test of 1656.00 was holding. But the decline cannot afford to hesitate if it intends to extend down.

Mar Contract SI; (NYSEARCA:SLV)
The correction extended Monday to within 25 cents of its 30.50 objective.

30-Year Treasury
Mar Contract US; (NYSEARCA:TLT)
Monday's opening 1-point drop pierced the 143-04 objective by 1 tick. Its reaction up should hold a test of 143-18 to maintain momentum next targeting 142-26.

Crude Oil
Mar Contract CL; (NYSEARCA:USO)
Gapping up Monday attacked prior highs just a dime higher at 96.90 before reacting back down into negative territory. Like the two prior sessions' intraday dips, sellers did not gain traction. But buyers have yet to be rewarded for absorbing them.

Natural Gas
Monday's gap down attacked the 3.25 objective, which remains in-play so long as 3.37 isn't recovered.

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.
No positions in stocks mentioned.
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