Tuesday, June 15, 2010

UNG Update

Remember to look back on the UNG chart. Level to watch on the upside is 9.22. I would take off that long around 9.13

Higher

As reiterated this morning Market should move higher. Last week I made note of this and the pivotal area where it should find support where it did. UNG is a monster, UNG was a special chart here a few weeks ago and it played out well with the technical pattern indeed. Where do we go from here? Well the volume is not exciting and this was the most noticeable thing the last time we hit a top but this time it is less clear so we have to play larger time frames and cycle or you will just be playing a chopfest.

Posts will be minimal this week as I have to leave mid-day each day for the rest of week.

ES

Market looks like it is setting up a bullish gartley but it might be premature to say so. If we don't break 1038.75 on the downside I will be looking for a target of 1149.25/1150 on the upside as the target of the gartley pattern. Remember if we break 1039 the gartley has failed.
As usual I am not a bull but just looking at a developing pattern to play