UGAZ & Natural Gas Futures Break Trendline Support

Natural gas futures (/NG) have broken down below trendline support, signaling a likely end to the uptrend off the Feb 15th lows with a possible kickback rally to backtest the trendline from below coming soon. The breakdown in nat gas futures caused UGAZ to gap below the uptrend line that was highlighted in this trading room reply just over a week ago (second chart below). click on first chart to expand, then click anywhere on right of each chart to advance to the next expanded image or pinch-zoom on mobile

Mar 14, 2018 10:02am|Categories: Gold & Commodities|Tags: , , |1 Comment

General Market Comments & SPY + UGAZ Update

There's not a lot to add to my last update on the broad markets posted on Friday when the 2nd price target of the SPY Active Long Swing Trade was hit. So far the expected pullback off T2 has played out to my minimum expectation which was/is the former resistance, now support zone which T2 was set just below. Previous & updated 60-minute SPY charts below. Click on first chart, then anywhere on the right of each expanded chart to advance to the next full size image. While I'm leaning towards a little more downside, quite likely to the [...]

Feb 20, 2018 11:20am|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , |0 Comments

UGAZ + Natural Gas Technical Analysis

Several members have posted some of their trades and analysis as well as inquires on natural gas & UGAZ (3x Bullish Natural Gas ETN) in the trading room today & as it appears that nat gas could be setting up for a tradable rally, UGAZ is on watch for a potential swing trade candidate. The first chart below is a 3½ year daily chart of $NATGAS (continuous futures contract). Following a (not surprising... see the seasonality charts below) 30%+ plunge in nat gas prices in just the past two weeks, nat gas has fallen to just above the key 2.50ish support [...]

Feb 13, 2018 4:53pm|Categories: Gold & Commodities, Unofficial Long Ideas|Tags: , |2 Comments

Trade Ideas & Stock Market Analysis (video)

This video highlights several trade ideas that may be added as official trades soon but also discusses my preference to "let the dust settle" before opening many new swing trade positions due to the increased volatility & intraday price swings that usually follow a sharp drop in the market. These swift & relatively large intraday rips & dips greatly increase the chance of any well-placed stops loss orders being run, even if the trade goes on to hit the price target shortly afterwards. My near-term scenarios as well as some key technical levels to watch on the broad market are discussed [...]