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Can the Long Bond Rally Without Stocks Being Crushed?


The past two days it has exceeded its target.

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: The long bond's upward momentum didn't hurt its chances for overshooting its target Thursday and Friday. But the extra push was exemplary of situations that are impacted by other influences in line with the pattern.

Dollar Basket
Gapping up Friday starts to lay the groundwork for a bottom pattern that would recover from probing fresh lows Monday intraday. Otherwise, not probing fresh lows Monday morning would instead be vulnerable to resuming the decline.

Jun Contract EC; (NYSEARCA:FXE)
Choppiness Friday suggests resistance will hold, or at least a temporary pullback will get underway, targeting a test of 1.3800 support.

Jun Contract GC; (NYSEARCA:GLD)
Friday extended the rally's consolidation, which was still supported by 1317.00 and ranging up to 1823.50.

May Contract SI; (NYSEARCA:SLV)
Thursday's surge consolidated Friday, still having potential for extending higher to 20.70.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Continued stock market weakness Friday encouraged more flight to quality that extended the rally to new highs at 134-28. The pattern is next targeting 135-18 so long as 134-06 now holds as support.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Fresh highs tested 104.44 Friday and closed at new trend highs to make any immediate dip unlikely to gain traction.

Natural Gas
Friday's slight pullback helps to confirm that Thursday's high may have held resistance, but 4.55 and 4.38 remain targeted by the pullback.

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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