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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.
Markets had another interesting session on Thursday. They gapped up at the opening, bounced around, came down, and by midmorning they reached their lows, the S&P 500 went from 2905.55 down to 2891.90, and the Nasdaq 100 from 7685.45 to 7647.40. They moved 3-waves up, came back down, consolidated, come down slightly, formed wedges and waves, and in the last hour the S&P 500 reached its high at 2908.40 and the Nasdaq 100 at 7694.18. They rolled over slightly, moving down in a 3-wave decline, and bounced into the close. Net on the day, the Dow was up 110.00 at 26,559.54. The S&P 50
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