A Better Picture for Fall

Unlike the TWTR breakout and retest of $18 level/200-day moving average areas, which has thus far been dragging its heels, natural gas is displaying a better picture of strength headed into autumn. 

I suppose both natty and Twitter are similar in their long suffering endured by bulls the last few years. 

But on the UNG ETF daily chart, below, note how price bounced sharply off its prior resistance trendline (upper light blue line). $8.70 now figures to be the next hurdle to clear upside. 

Regarding equites, we have an initial snapback rally unfolding this morning. I suspect this move serves to inflict some short-term punishment on overly-agressive bears from the weekend who immediately shorted and/or bought UVXY at the open. However, if the bounce fails at around $215 on SPY I would be open to initiating some shorts then. 

For now, we are keeping a cogent list of relative strength longs for Members and watching this market bounce closely.