The McClellan Oscillator is overheating but that doesn’t mean it can’t stay in overbought conditions for a few more days. Markets tend to rebound higher than most traders expect. Dumb money shorts too early and fuels short covering. We will wait patiently for a turn. SPXS will most likely be our vehicle to short the SPX.
We are watching SPY targets of 298 and 304 as entry points for our short. The SPY tracks the S&P 500.
NDX is the leader of the big three indexes . QQQ 230 and NDX 9500 very doable on this next push.
All of our AI and algos have analyzed every possible trajectory for UNG over the next 30 days and nothing has changed. We expect early June to usher in higher prices. If you are new to natural gas these kinds of swings are customary. We didn’t think once about selling our UNG at 14.85 the other day, we expect much higher prices. As customary 80% of the gain will come over 20% of the time so please be patient and ignore the daily noise. Please look at our projected path for UNG below.
A spike well over $16 is projected. We do expect the continued rebound from last weeks pullback to last into the week of May 18th. We favor our next short term top May 19th. Please do not attempt to follow us using leverage on this micro/short term date. Keep your eye on the prize which is early June.
Bitcoin is headed lower into June. Only a breakout above 10k would change our thinking.
The metals are in whipsaw mode which is very hard to trade and make money and can be quite frustrating. Gap and go trending trades don't occur every month. The market moves on its timeframe not ours. The last thing one wants to do when whipsaw and chop is present is over trade. You will burn a huge amount of mental capital which will lead to revenge trades and a lack of discipline.
big. However, we do expect the miners to rebound into the end of the week. Expect tomorrow to possibly see a turn around in the metals, Wed. the latest . This will be a choppy uptrend into early June. NUGT can hit 85-90. June 9-10th is a target top.