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Natural Gas Gapped Up

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One more day would confirm, but there is the basis for a recovery in natural gas.

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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: Gold's plunge Tuesday confirms its recent rally was only a temporary correction. That doesn't mean the prior low's retest will be immediate. Meanwhile, natural gas saw Monday's gap down go nowhere, and bounced above Friday's high.

Dollar Basket
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday night's drop to fresh lows under 80.05-80.10 was retraced back above prior lows before Tuesday's open. That suggests a low is forming, although not necessarily that momentum is yet reversing up.

Eurodollar
Dec Contract EC; (NYSEARCA:FXE)
Overnight testing of the 1.3580 objective was reversed back into the range before Tuesday's open. Having neutralized the outstanding objective above without closing above it, topping is likely.

Gold
Dec Contract GC; (NYSEARCA:GLD)
Overnight testing of the 1.3580 objective was reversed back into the range before Tuesday's open. Having neutralized the outstanding objective above without closing above it, topping is likely.

Silver
Dec Contract SI; (NYSEARCA:SLV)
Repeatedly testing 21.88-21.95 resistance made at least an obligatory fresh high likely, but perhaps it was sympathy with gold's plunge Tuesday, which took silver sharply lower to fresh lows attacking 20.60 support. No buy signal can be considered here.

30-year Treasury
Dec Contract US; (NYSEARCA:TLT)
Rallying stocks Tuesday kept the long bond out of the spotlight and ranging slightly lower to test the 132-22 pullback limit, with still at least one more fresh high close all but required.

Crude Oil
Oct Contract CL; (NYSEARCA:USO)
Bouncing back to 102.30 nevertheless returned back to Monday's 101.05 low, still targeting 99.10 so long as 102.95 isn't recovered.

Natural Gas
Oct Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's detour proved temporary as Tuesday's open gapped up and extended higher to test 3.65. The pattern now targets 3.71-3.75 so long as 3.59 holds as support.

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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