UNG thoughts here: https://rightsideofthechart.com/yellow-flags-continue-to-build-9-26-23/#comment-29350

DBA (ag-only commodity ETF) looks ok, IMO, especially for diversification via asset allocation but regarding any of the broad-based commodity ETFs or ETNs such as DJP or DBC, I am personally staying away for now as it appears the R/R in crude is not favorable, despite the strong trend & it appears to me a big correction and/or major top is close. If so, those broad-based commodity ETFs will fall as crude is the largest weighting in the broad-based commodity indexes & their respective tracking ETFs.

No. As per the video & my comments in one of the replies above (under this comment thread), while we are at what I consider significant support on QQQ & some of the market-leading stocks and with positive divergences on the intraday & even some of the daily time frames (conditions which could be the catalyst for a counter-trend rally), as of now my preference is to sit tight on my swing shorts & I even added some more short exposure today due to the fact that I’ve seen quite of bit more key stocks & sectors that I’ve been highlighted in recent weeks & months triggering the next sell signals/support breaks that I was looking for. Also seeing some bearish developments in various sectors & asset classes that could lead to the next “thing” breaking in the financial system, potentially causing spillover into the broad market.

Driving with one foot on the accelerator in regards to equities (short) with the other foot hovering just above the brake, in case we start to get some bullish developments, such as recoveries back above recently broken key support levels on some of the key stocks & sectors (signaling that the recent breakdowns might prove to be whipsaws aka bear traps). As I often say, the charts are dynamic & so is my analysis (and position). Short equities for now & will communicate my thoughts asap if I start to see things that might cause me to change my outlook & positioning.

Thanks!

Not in no-man’s land anymore. On the contrary, UNG is currently offering another objective long entry with stops somewhat below here on this latest pullback to the bottom of the trading range (6.50ish support). Daily chart below.

Yeah. I’ve been negative on the markets with you. But, I tightened up my stop on SOXS this morning and it stopped out. Just took a small TQQQ position on the positive divergence. SOXX is also sitting on the 200 day EMA which could lead to a bounce. Like everyone else, who knows…

Thanks for the update.

On EUR/USD, if Euro was to rise wouldn’t that be bullish on GLDSLV?

Commodities (DBA) are off to the races- is that a safer counter play?

What’s your thought on UNG 3rd retest of 6.50?

Thanks,

PALL is currently backtesting the downtrend line/falling wedge pattern from above so still looks fine & also offers an objective entry or add-on here (or even better, on a big green candle/rally off the backtest soon) but no reason to fall in love with this one. Stops below the recent lows and/or on a solid failure or daily close back below the downtrend line. Daily chart below.

Regarding the uranium stocks, no change in the technical posture or my opinion/read on the chart since this reply I made 6 days ago to someone that inquired about the sector: https://rightsideofthechart.com/technical-analysis-trade-ideas-9-19-23/#comment-29320

True & I may cover index shorts & reverse to long soon but for many of the reasons covered in this video, I’m sitting tight on my shorts for now as I think there is a fair chance that the key support QQQ is currently testing will be taken out soon. Lots of key stocks & sectors rolling over & triggering sell signals recently plus so many yellow & maybe even some red flags out there in niche areas the masses aren’t aware of yet (CA munis, REITs, regionals & the mega-TBTF banks, Visa. MC, & AMEX breaking down, crude oil & Treasuries yields soaring to new 52-wk highs, employment-related stocks, home builders, etc..

If the bulls want to see new highs anytime soon, they really need to step in here is start undoing some of those recent breakdowns. Not betting on it but will react/adjust my positioning accordingly if that proves to be the case. Until then, remaining short, especially in my swing/trend (non-active trading) accounts.