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TFC Commodity Trading Forum

Re: U.S.$ Index/ & NG/Critical Point!/Lee *PIC*

Well I don't expect any quantitative easing by Bernanke now that Draghi has caught the ball and is running with it. No need right now with the heat on the ECB rather than the Fed. And then there is the employment report Friday. If it is real ugly you could see something out of the Fed next week I suppose. By then we'll know exactly what the Eurozone is doing. All I know is the chart is saying DX needs to hold at the 82.90 area or you'll see a sizable correction down that will confirm the weak lower techncials warning. That will rally inverse markets quite simply regardless of anything else. It's hanging in there now by its fingernails and not looking very strong.

Sept NG is doing fine still. Notice since mid June and again in Mid July price come down and find support at the 20ema. Anything in an uptrend tends to do that. Not every time but as a rule of thumb is a good place to get long if the 20ema is rising with price above it. Price has "Chewed" through 3.15 now and needs to hold above and use it as support. Nice uptrend intact but keep in mind it is still a bear. So another nose poke over the 200EMA "BOOGIEMAN". We'll see if price can hold above it. Hasn't been able to for 'years' now so this move is important for that reason along with breaking out over major resistance. BUTTTTTTTT note the lower technicals showing negative divergences suggesting a loss of momentum and weakness setting in on the rally. Just keep in mind NG is still a bear in bull's clothing. And I don't think NG cares what DX does either.