Summary:
- Equities broke lower today beyond the respective Average True Range
- The initial liquidation concluded coinciding with the German close before resuming
- The bottom reached were historical references
Long Term Trends
- Tuesday equities sold off with the magnitude of Brexit but not to the SMA 200
- Oil is long term selling off but holding at the SMA 200
- Gold is buying and finding acceptance at long term POCs
- Natural gas is buying & reaching chart resistance
Intermediate Term (4 hour)
- Equities has reached chart level & psychological contract levels
- Equities has met the 4 hour SMA 200
- Equities has weak MP structure below
- NG gas buying continues, reaching key chart level resistance
- Gold breached above key Points of Control
- Oil has reached key Pre OPEC agreement levels (prelude to upcoming OPEC meeting?)
Short Term Review
- History suggests a rebound in the equities after today, however, the MP below is weak
- Gold has broken above points of control. Looking long
- Natural gas has been trending long but needs to break above chart resistance
- Oil appears to be perfectly happy where it’s at.
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