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Today, we will discuss Natural Gas, which is often referred to as the Widow Maker.
Despite all tariff vagueness, the stock market had a great week.
Natural Gas (NG) – The Widow Maker
In Jan’24 we identified a nice trade opportunity in NG.
It was worth about 150%.
Another opportunity may arise in a few months, but it isn't a straightforward call, as there are risks for a lower low.
We will explore the gory details in the Pro newsletter.
Sentiment & Technical Analysis
The CNN’s Fear & Greed Index advanced from 19 in Extreme Fear to 35 in one week.
Nice progress, but the rebound may last until the greed returns.
NDX prediction from last weekend (there were more details for SPX & NDX in the WE newsletter) – Are you paying attention?
NDX Now – How much progress did it make?
NDX dropped “nicely” on Monday and reversed sharply – It advanced over 10% from Monday’s low.
On Tuesday, it gapped over the 10D EMA and red resistance line, which was a very bullish sign.
Notice the dashed blue 1/3 and 2/3 resistance lines. When 2/3 resistance line is crossed, 1/3 resistance line is typically reached.
NDX is now facing overhead resistance from (see the red circle): 1) 1/3 resistance, 2) 50D MA above, 3) Gap close target, and 4) gray technical resistance line. It also just exceeded the 50% Fibonacci retracement level.
This could be a good place to pull back before making another swing higher.
Above 1/3 resistance line, NDX will have to contend with 61.8% Fibonacci retracement level and declining 100D and 200D MA, which may converge within a few weeks and stop the rebound.
Above these resistances, and the 78.6% Fibonacci retracement level, will signal that NDX may proceed to new highs.
BraVoCycles on X
Consider following me on X (former Twitter) in addition to the newsletter, as I often post valuable information there in real time between the newsletters.
Possible signs of recession around the corner?
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