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And then there is Natural Gas, which again is showing a bit of life on the upside as it carves out an 8-session sideways range, or bottom, between 2.83/2.85 on the high side versus 2.76-2.75 on the low side. Whichever side of the range is violated and sustained, will trigger follow-through to either 2.90-2.93 or to 2.70-2.68. Given the positive juxtaposition of my nearer-term momentum gauges with the sideways price action, my bias is for an upside resolution to the current pattern set-up. The Model Portfolio is long UGAZ at 11.07.
It was a choppy, sloppy day for the stock market on Tuesday. The indices gapped up at the opening, which was not surprising since traders were anxiously waiting to hear from Fed Chairman Powell at one o’clock eastern time regarding interest rates. When St. Louis Fed President Bullard (FOMC voter) made comments regarding interest rates, the market dropped, and then when Fed Chairman Jerome Powell began to speak, indices imploded. They then rallied back to resistance. An hour before the close, the S&P 500 came down, rallied, formed a vertical-wedge platform, moved down to the lows for the
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