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.
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Today's Highlight: Gold's probe of fresh highs came right on schedule Thursday. Scheduled for Friday is proof of whether the breakout attempt is valid, by extending higher without delay.
Sep Contract EC; (FXE)
Thursday's lower low more thoroughly tested 1.3333 whose break through the close would signal a new downleg underway.
Oct Contract GC; (GLD)
Narrow ranging had made at least a rally effort likely, which Thursday's test of 1381.00 began to fulfill. Overnight highs above 1382.00 have yet to be retested. Its retest isn't required before launching a downleg, which would gradually gain traction under 1361.00 and 1355.50.
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Sep Contract SI; (SLV)
More narrow sideways ranging under 24.00 Thursday, which at least opened by surging, as if to reassure us the patient still has a pulse. It will take more than that.
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Sep Contract US; (TLT)
Wednesday's late dip that filled the gap back to Monday's close came too late to recover, making it likely to extend down. New lows overnight did not quite attack the 128-14 target and Thursday's gap down reacted up into positive territory, but the pattern still requires at least one new low close.
Oct Contract CL; (USO)
Thursday's slight firming did not derail the downleg's likely objectives at 103.25 or 102.65.
Sep Contract NG; (UNG), (UNL)
Thursday's gap up and probe above recent highs did not extend intraday, still being inhibited by the prior three sessions. A pullback would have been helpful, probably allowing the rally to resume. A test of 3.57 would be more revealing.
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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