*NOTE: We follow the underlying futures contracts of the ETF’s that we track to help us make better buying or selling positions based on price action.
– ES is trading slightly lower this morning, down 0.12%
– Gold futures are down almost .5% in pre-market trading
– Silver futures have dropped 1.15% in overnight trading
– Natural gas futures are showing signs of strength, up 0.27%
The ES continues to consolidate up against its all time highs showing signs of a possible reversal. Traders and investors will be watching the outcome of this mornings pending home sales data as a potential catalyst for another move. Watch the daily range between 1935 and 1959 for possible trading opportunities on an intra-day basis in the event that we have another light volume day… volume at the today’s open should clue traders in on what to expect.
Gold and silver futures are continue to trade within a fairly tight daily range. We will be looking for a break of 1305 as indication of a possible correction in gold, and 20.75 as the critical break for Silver.
Natural gas futures trading near a weekly support area and are beginning to show sings of a possible bullish reversal off of these levels. We will be watching for a momentum shift initially to clue us in on what to expect. More specifically, we will be watching for the 4.37 low to hold and for bullish reversal patterns for form… If all lines up, we will be looking to execute a position in UNG.