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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 indices had an extremely interesting day on Wednesday, futures moving sharply lower at the opening. Markets gapped down and were at the lows for the day, early on and then they stair-stepped their way up all session, and exploded in the afternoon, breaking out above resistance and the declining tops lines. The Nasdaq 100 went from a low of 6847 to 6954, a 107-point run-up, closing at the highs for the day going away. The S&P 500, similarly holding last week’s lows around the 2709 area then broke out as well, going from 2709 to 2733 to finsh right at the high for the day
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