On a macro basis: The decent trade below 2940-48 (+1 tic per/hour) warned of pressure. We have seen 524 tics of this so far. The maintained gap lower on 3/4/21 left a minor bearish reversal above. We have seen 359 tics of pressure so far. The failure back below 2681-84 brought in 222 tics of the pressure warned about below. We held corrective exhaustion at 2687-95 with a 2688 high and rolled over 235 tics. The decent trade back below 2651-49 brought in 196 tics of pressure. These are ON HOLD. The break below 2459 and back above it and the 2488 area suggests an early termination of the bear structure and entry into a bullish correction greater than 200 tics from the low. We have seen 216 tics so far from the low, and 178 tics from 2488.
On a shorter-term basis: The decent trade above 2577 (-.5 of a tic per/hour) should bring in decent strength. We have attained 89 tics of this so far. If we break back below decently, look for decent pressure. This will come in at 2564 (-.5 of a tic per/hour starting at 9:00am). I would caution there are areas of possible corrective exhaustion to contend with above at 2681-85, 2756-75, and higher; but these may provide only temporary resistance if we leave gap higher intact today.
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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