It's Like Medieval Times All Over Again

Much like the Middle Ages, all eyes are on the rise and fall of Europe from now until at least tomorrow evening, when we should find out the results of the Brexit poll. 

As far as equities, we have some solid charts remaining in holding patterns. Bulls will argue that after the Brexit uncertainty is lifted, they will explode to the upside. Bears are contending that this market is chock full of complacency and troublesome leaders like NFLX and TSLA. 

But such is life in a rangebound market, where the pickens are slim and expectations should be modest as risk management is still the most effective means to survive and advance to a more constructive market. 

Regarding natural gas, we sold part of a long this morning into the opening strength, and closed out the rest just now as natty gave back a chunk of recent gains. Still, after inventory tomorrow I would be looking for a fresh long entry.

On the weekly UNG chart, below, note the mini-fade at the upper weekly Bollinger Band. Clearly, natty may be due for a rest. But as long as the 20-period weekly moving average converts into support, I would be looking at a new long rather than for a rollover to new lows.