*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 mostly flat this morning
– Gold futures have made a move to the upside in overnight trading, up 0.72%
– Silver futures are trading higher, up 0.87% in pre-market trading
– Natural gas futures have continued lower, down 0.38%
Major markets where hit hard yesterday after Israel announced the possibility of going to war. The ES pushed right into daily resistance, just shy of that area that we had been watching at 1950, and is holding. Buying pressure started its build before yesterday’s close and it looks like that may continue through this mornings open. My expectation for the trading day is the price will make a move higher recovering some of the ground lost… We do have FOMC minutes this afternoon which may chance our outlook slightly, be on watch for this event.
Gold futures sold off with the index funds in yesterdays trading after testing resistance at 1326. The “fear” based sell off was quickly reversed and price has since recovered more than what was lost. Bullish investors remain in control within this asset which tells us to be looking for the pullbacks into support for buying opportunities
Silver futures sold off and recovered along with gold and are still looking good for that up-side break through the current daily range.
Natural gas futures have certainly continued lower in recent trading displaying bearish control. Price is currently testing the lower bollinger band on the weekly and daily chart which converges with a higher time frame support area. We will be watching for a momentum shift to front-run a potential reversal. Once the shift is clear, we may look to leg into some UNG calls.
Trade update details have been removed from this email…
Have a great trading day!