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: Now that crude oil has confirmed a breakout, a corrective dip or pause Wednesday would help to ensure a bigger rally underway.
[More from Minyanville.com: Crude Oil Came Alive Today ]
[More from Minyanville.com: Bullish on US Economy but Worried About Extended Stock Rally? Play the US Dollar ]
Jun Contract EC; (FXE)
Tuesday's retest of Monday's lows almost qualifies as a second consecutive lower close to confirm a new downleg underway. Immediate follow-through Wednesday would be helpful.
Apr Contract GC; (GLD)
Tuesday's gap down retested 1601.00 and 1596.50, and almost closed under both, which would have signaled a new downleg underway.
May Contract SI; (SLV)
Tuesday's initial dip held 28.65 support again, preventing a new downleg from being signaled.
Mar Contract US; (TLT)
Another reaction down from 143-22 Tuesday was recovered almost enough to trigger its buy signal.
Apr Contract CL; (USO)
Tuesday's second consecutive higher close above 94.00 attacked 96.00. The pattern doesn't require extending higher to 99.00 without delay, which would make the extension less durable than if Wednesday were to dip slightly first.
Apr Contract NG; (UNG), (UNL)
Tuesday's bounce avoided a second consecutive lower close reacting down from the 4.00 target, which would have put into play 3.30-3.35.
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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