19500 next objective place to go long

Looks like the market decided the next direction/ tradeable trend is way up.

NG continuous contract has great support around 2.7 now 2.894, with official expiration of NGK on 28th april and 2nd may has huge gann turn date, expecting a turn around around that timeframe

Quite a few comments on this “rally” but in reality, the $NDX isn’t any higher and in fact, is actually lower than were it peaked to over 2 weeks ago & then again about a week later.

Market has been grinding around under the bottom of my bounce target zone on the QQQ daily chart (around 466). I can easily see it punching into that zone… or not. Near-term outlook still fuzzy & likely to continue to be a lot of back & forth chop, especially with the bulk of the Mag 8 reporting this week & next.

Trading ranges don’t last forever & by the end of next week (after the last big reports next Thurs AMC), the market will have likely decided on its next direction/tradeable trend.

Sure. The price levels & even some of the lines on this chart won’t match the previous /NG chart since they’ve rolled to the July contract so I just had to mark up this new July /NG 120m chart. A breakout above the falling wedge, especially if the /CL short I recently posted continues down to T2 & T3, should spark a rally in nat gas.

Sure. That resistance zone just above the trendline is even stronger resistance (i.e.- it has more reactions from above & below vs. the downtrend line).

With that being said, the breakout of the downtrend line today, especially following yesterday’s failed breakout followed by the reversal off my first pullback target (from the 15m chart posted yesterday) and another breakout is bullish in-itself but again, /NQ is now testing the bottom of that resistance zone that has capped all rallies since it was taken out (formerly, as a support zone, as seen on the 120m charts in the post above).

Resistance is resistance until & unless broken. Plus, while the short-term trend is bullish, the intermediate-term trend remains bearish so shorting rallies into resistance with stops somewhat above is certainly objective.