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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.
As it turns out, it wasn’t a turn-around Tuesday for the stock market as the indices imploded to the downside on very bad tariff news The Nasdaq 100 smacked down very quickly in the first 15 minutes, plunged to lower-lows, getting down to 7138.02, only to rally back to 7230.00. Still, it closed down on the day, but with a very big recovery. The S&P 500 also gapped down and plunged to 2743.19 but finished at 2765.05. Net on the day, the Dow was down 287.26 at 24,700.21, 133 points off the low. The S&P 500 was down 11.16 at 2762.59, 20 points off its low. The Nasdaq 100 was down 23.
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