Tuesday, March 21, 2017

Pullback finally...

- 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- The bottom reached were historical references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.