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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 down day on Wednesday and looked more like a consolidation day, but intraday, indices had a little dip, a pop and a pullback. However, it wasn’t until the FOMC meeting began and the Fed announced that there would be a rate cut, that the action began. Indices exploded to test key resistance at 3002 S&P 500 and 7865 Nasdaq 100, then reversed sharply lower to the lows for the session. They reversed again, this time to the upside, and formed upside reversal bars as they pushed through the first level of resistance and headed for the second level with almost no pause or
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