On a macro basis: We are in a bull trend, but in a bearish correction within. The decent trade above 2661 (-.5 of a tic per/hour) brought in 489 tics of higher trade. The trade above 2896 (+.5 of a tic per/hour) brought in 254 tics of the continued strength we were looking for above. I would NOTE the week of April 26th we also broke back above a significant formation on the Weekly charts at 2779 that warned of continued strength in general, likely toward 3280 (+) in the weeks ahead. These are OFF HOLD. Solid trade above 3237-60 will project this upward 780 tics minimum, 1900 tics (+) maximum.
On a shorter-term basis: On 5/19 we left a left a short-term bearish reversal above. We saw 145 tics of pressure before short covering off the low. We held exhaustion at 2910-894 with a 2903 low and rallied 143 tics before rolling over and bouncing off of it again Thursday with a 2914 low for 184 tics. However, decent trade below 2930-28 will project this downward 170 tics minimum, 300 tics (+) maximum. If we break below here decently and back above decently, look for decent short covering to come in.
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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