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Yes and to add salt to the wounds for bears, the retracement of this whole flat is only 50% which usually more upside ahead.TWT wrote:SPX: immediate outlook
But stay focused on the technicals, this looks like it's been a better short than long and MACD, RSI, Momentum still pointing down, you might want to wait for a bounce or bottoming indication first.... IMHO NatGas may bottom, but UNG if it's not closely correlated may take longer to bottom...Petsamo wrote:Cool! Thanks!TraderGirl wrote:Might be a good trade now, NatGas supposedly negative till mid-Jan, but NatGas will not show signs of intermediate reversal until a daily close above 3.242, so I don't know how the UNG is correlated with NatGas, but if they are closely correlated, if NatGas stays above 3.242 it could continue to go higher.... (from my readings...)Petsamo wrote:For the third time, I'm playing UNG. 150 shares only @ 5.78. So far, I'm 2 for 2.
i think the trend already changed with spx 1294.5 as the local peak. 2 beer this timeCobra wrote:volume surge, biggest bar, so rebound. then we'll see. bears need show strength otherwise the bias is still up.
You still own me your last beer. Pay the beer first before this bet.soku wrote:i think the trend already changed with spx 1294.5 as the local peak. 2 beer this timeCobra wrote:volume surge, biggest bar, so rebound. then we'll see. bears need show strength otherwise the bias is still up.
Let's see if 1315ish could be our last push up... sitting at next trend line resistance zone...fehro wrote:ascending triangle?.. target 1315ish.. or break green channel? look for bottom channel?
yep, that looks bad.jarbo456 wrote:/CL broke down decisively below the hourly 200MA now...maybe send the memo to equities?
I'm with you at 5.80Petsamo wrote:For the third time, I'm playing UNG. 150 shares only @ 5.78. So far, I'm 2 for 2.
TraderGirl wrote:I don't know if I want to start drinkin' the Kool-aid just yet. 2009/2010 we had massive amounts of QE involved, once it ran out the markets puttered out....now it depends on earnings, and so far it's 50/50 lot's of warnings, and so far every time we have hit a new resistance zone, we pulled back at least once. I see a new resistance around 1311-1312, I guess we will see what happens when we get there.... just my thoughts....
Yes, multiple points of resistance... just sitting above..TraderGirl wrote:Let's see if 1315ish could be our last push up... sitting at next trend line resistance zone...fehro wrote:ascending triangle?.. target 1315ish.. or break green channel? look for bottom channel?
and it keeps dropping. will it drop below 99...looking good.waverider wrote:yep, that looks bad.jarbo456 wrote:/CL broke down decisively below the hourly 200MA now...maybe send the memo to equities?