On a macro basis:We are in a bullish correction or trend against the move down from 3452 in October.My take is that this is likely not just a correction, and we may see some wide consolidation over the next few weeks to build a base between 2775 and 2263 before launching out of it, but we will have to see. Decent trade above 2775 will project this upward another 510 tics (+) and leave a more macro bullish reversal below. Deent trade above the $27.64 (+.4 of a tic per/hour starting at 9:00am) line should bring in decent strength .
On a shorter-term basis:The trade back above 2389-406 warned of decent short covering.We have seen 364 tics of this so far.The maintained gap higher on 12/29/20 also left a short-term bullish reversal below. These are ON HOLD.We are now in a lower timeframe bearish correction against the move up from 2263.The decent trade below 2726 (+2.4 tics per/hour)put this below a steep formation that warns of pressure.This will come in at 2744 (+2.4 tics per/hour starting at 9:00am).Decent trade below 2615 (-.5 of a tic per/hour starting at 9:00am) should bring in continued pressure. I warned today has a good likelihood of seeing range expansion—we have already exceeded yesterday’s range on Globex. I warned in the Post Market Synopsis that this warns of pressure on the day before (if) resuming higher trade if we cannot take out 2755 to maintain upside momentum—we are called 74 tics lower as of 5:54am. Areas of possible exhaustion for this correction/trend come in at 2606-596, 2616-14, 2475-57, and 2373.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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