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, but this will require a 2647 stop.Areas of possible exhaustion for a correction come in at 2717-34, 2818-57, 2973-98, and higher—these should offer at least temporary resistance even if this is not a correction.We held the lower of these yesterday with a 2732 high and rolled over 126 tics.
On a shorter-term basis:The trade back above 2389-406 warned of decent short covering.We have seen 326 tics of this so far. Decent trade below 2642 (-.5 of a tic per/hour starting at 9:00am) will warn of decent pressure. ‘Decent’ pre-open is 43 tics, post-open is 39 tics. I said in the Post Market Synopsis that on the day this warns of pressure before (if) resuming higher trade if we cannot take out 2732-34 to maintain upside momentum—we have seen 96 tics of this and are called 61 tics lower as of 5:49am. Today has a good likelihood of being a range expansion day.
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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