/NG (natural gas futures) offers an objective short entry here at the backtest of the key 6.578ish resistance level for a quick ~12% (or potentially more) pullback to just above the 5.931 support & potentially the 5.60 level with a stop somewhat above the 6.703 resistance level. 60-minute chart below.
NG 60m July 12th
Comparable price targets (also unadjusted, best to set sell limit orders slightly below those resistance levels) for KOLD (-2x short nat gas ETN) are 31.95 & 36.32 as shown on the 60-minute chart below. Other proxies for trading natural gas are /QG (MINY nat gas futures), and UNG (+1x ETN).
KOLD 60m July 12th
P.S.- No change in my outlook or the technical posture of the stock market at this time. Both QQQ & /NQ (Nasdaq 100) continues to offer an objective long entry on the backtest of the 60-minute downtrend line with more upside likely in the coming days to weeks although ideally, but not absolutely necessary, I’d like to see QQQ hold above the 285 support level.
QQQ 60m July 12th