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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 a very good day on Tuesday. First, there was a huge gap down, the indices spiked lower at the opening, turned around after reaching key support, 7090 Nasdaq 100 and 2790 S&P 500. They then roared with a very strong run, taking the Nasdaq 100 from under 7290 to about 7405, 115 points straight up. The S&P 500 went from 2789 to 2812. The afternoon was spent consolidating. A pullback occurred but it helped support and then they rallied to new highs. Many stocks in the Nasdaq 100 went to all-time highs. The last fifteen minutes was a sell-off on profit taking, but they clos
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