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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 market seems to have turned around again on Wednesday, this time to the downside. The indices made a sharp move down at the opening, went three wedges down, moved up, pulled back, reached mid-morning highs at 2865.47 S&P 500 and 7432.80 Nasdaq 100. They pulled back, ascended three waves up, pulled back sharply, bounced, and then plunged, the S&P 500 reaching down to 2852 S&P 500 and 7411.19 on the Nasdaq 100. Going into the noon hour, they rallied back to 2861.64 S&P 500 and 7444.89 Nasdaq 100. During the noon hour, the rollback presses the session triple-bottom support
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