Here’s my updated weekly chart of $NATGAS (futures continuous contract) along with the weekly chart I posted back on March 9th when my long-term final target (from the entry off the early ’24 lows) was hit in the Sunday evening overnight session.

I’ve since tweaked that uptrend line pullback target from that March 9th chart so it comes in a bit lower now but as you can see from the updated chart, there are some previous reaction highs & lows roughly around current levels but not much else until that potential uptrend line which comes in a bit lower.

Positive divergence still intact on the 60 & 120m charts if /NG but that’s about it. I’ll be revisiting the charts of nat gas when I get back from this mini-vacation next week.

Here’s my $VIX daily chart with the most recent divergent low (positive divergence) still intact (see price action following all previous DL’s, which are circled). However, as I’ve been saying, $VIX won’t start the next leg up until & unless the stock market breaks down & we still need to see those reaction lows from Fri Aug 1st in SPY & QQQ taken out. If & when that happens, the next leg up in the $VIX (and launch to my T3 on VIXY) will most likely be underway.

dumping the wheat trade for another weat loss

$WHEAT (wheat futures) continues to test the primary (quarter-century-long) uptrend line off the 2000 lows, still offering an objective long entry there and/or on a breakout above the large bullish falling wedge pattern. $WHEAT has been testing that downtrend line since last year & continues to defend/bounce off it, similar to what it did back in 2016-2-16 before launching that powerful 213% rally that followed.

So really no change in the technical posture, nor my outlook (as long as $WHEAT doesn’t clearly fall below that uptrend line). Wheat just needs one of these bounces off the trendline to stick & morph into something much more.

On the shorter-term time frame, wheat futures still have the positive divergence that I recently highlighted on the 60m chart, which is likely to be the catalyst for the next rally. Weekly chart below.

Also good call on DOW. I sold alittle early, but made a nice profit from yesterday