On a macro basis: The solid trade below 2410 projected this downward 400 tics minimum, 750 tics (+) maximum. We attained 893 tics so far. The decent failure back below 2267 has brought in 750 tics of pressure. The decent trade below 2172 (+1 tic per/hour) has brought in 655 tics of pressure. These are ON HOLD. The maintained gap higher Monday left a medium-term bullish reversal below that warns of continued higher trade, likely for days/weeks. Decent trade below 1772 will negate this and warn of renewed pressure.
On a shorter-term basis: On 6/29 we left a short-term bullish reversal below that warned of decent short covering, possibly for days—we have seen 286 tics so far. The decent trade above 1676 (-1 tic per/hour) projects this upward 100 tics (+). We have seen 248 tics of this so far. The decent trade above 1717 (-.5 of a tic per/hour) projects this upward 90 tics minimum, 270 tics (+) maximum. We have attained 207 tics of this so far. Decent trade back below 1781 will warn of renewed pressure and I would be out of all longs for the time being. I said in the Post Market Synopsis that on the day this gives moderate warning of profit taking before (if) resuming higher trade. A maintained gap lower today will leave a short-term bearish reversal above.
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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