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 surge Sunday night revealed a degree of elasticity that keeps alive higher targets without having to keep alive the rally's momentum.
[More from Minyanville.com: Will Gold's Rally Continue Into the Weekend? ]
Dollar Basket
Sep Contract DX; (UUP), (UDN)
Monday's narrow ranging did not offer any new guidance to the pattern.
[More from Minyanville.com: US Dollar: Today a Bounce, Tomorrow a Bottom? ]
Eurodollar
Sep Contract EC; (FXE)
Monday's narrow ranging did not offer any new guidance to the pattern.
[More from Minyanville.com: PIMCO: 'Switcheroo' Timing May Be Premature ]
Gold
Oct Contract GC; (GLD)
Sunday night's surge attacking the 1410.00 objective had disappeared entirely before Monday's open. Intraday weakness held the 1388.00 pullback limit to avoid reversing momentum down.
Silver
Sep Contract SI; (SLV)
Potential to 24.55 was nearly fulfilled by Monday morning's attack on 24.45. The reaction down held above 24.00 to avoid reversing momentum down.
30-year Treasury
Sep Contract US; (TLT)
Early strength Monday above 132-10 was retraced back into negative territory, all but confirming that a rally is unlikely to begin without first producing one more new low close.
Crude Oil
Oct Contract CL; (USO)
The obligatory reaction to weekend war talk didn't last long. Sunday night's gap up to fresh recovery highs disappeared Monday as price turned negative intraday.
Natural Gas
Sep Contract NG; (UNG), (UNL)
Monday's gap up suffered the same "ineffectual optimism" that inhibited last week's rally efforts, and the balance of the session essentially ranged narrowly unchanged. Still, trying to rally anyway suggests that the pattern intends to correct more through the passage of time than through a traditional price 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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