Directional Opinion: We settled in a bear leg. Settlement above 3028 will start this in a new bull leg. On a macro basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 489 tics of higher trade. 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. The trade above 2896 (+.5 of a tic per/hour) brought in 254 tics of the continued strength we were looking for above. These are ON HOLD as we are in a bearish correction/trend within. Solid trade above 3240-62 will project this upward 780 tics minimum, 1900 tics (+) maximum. The minimum could take 2 calendar months to attain, and the maximum in 4 months (roughly) and rolls contracts. If we break above here solidly and back below solidly, look for solid pressure to come in.
On a shorter-term basis: These are ON HOLD. Last Wednesday we left a left a short-term bearish reversal above. We have seen 145 tics of pressure so far. The decent trade below 2993-91 warns of decent pressure; but if we break back above decently, look for renewed strength to come in. We have seen 88 tics of this so far. This will come in at 3014 (+.4 of a tic per/hour starting at 9:00am). I warned there was an area of possible exhaustion to contend with on the way down at 2910-894—we held this yesterday with a 2903 low and rallied 111 tics.
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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