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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 opened with a bang on Thursday, immediately taking the indices three wedges up, they moved horizontally for about a minute, consolidated, coiled, and reached midmorning highs at 2609.79 S&P 500 and 7609.29 Nasdaq 100. They rolled over, tested support, rallied back, consolidated through the noon hour, and popped to 2891.58 S&P 500 and 7627.03 Nasdaq 100. Early afternoon, they came down, pop slightly, couldn’t get through resistance, rolled over, attempted rally, but it was weak and failed. With an hour to go, they rolled over, and in the last fifteen minutes they boun
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