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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.
The stock market had a positive, but somewhat volatile, day on Monday. Follow-through action off of Friday’s rally set the tone for day as well as the indices having a positive reaction to the news that the U.S. gave Huawei a 90-day reprieve against buying U.S. technology. Indices gapped up at the opening, and then pulled back sharply to session lows. Midmorning, after testing the earlier highs, indices retested the highs, moved above support to new highs, and then rolled over. Intraday, they came down, rallied, pulled back, and held support, and in the last five minutes, they rolled over in
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