A Worthy Head-Turner

Equities are searching for direction in a mixed day of overall red today. Some stunning resilience in the likes of ROKU TSLA ZM, just to name a few, is surely giving bulls that warm and fuzzy feeling for an imminent continuation of the multi-quarter rally. However, there is no denying how sloppy the small cap daily chart looks now, not to mention the Dow.

Furthermore, uncertainty about the upcoming Election, a second round of federal stimulus regarding the pandemic, the Supreme Court, as well as Fed Chair Powell speaking the next few days, all could continue to weight on equities going forward, especially if the Dollar holds onto today's gains. 

On the topic of the Dollar strength, of course many commodities are taking it on the chin today, notably silver. Crude oil is also hurting, which makes the upside reversal in natural gas today all the more impressive. 

On the UNG ETF daily chart, below, the buying is exactly where bulls needed to enact it--Note the prior breakout level above $11.30 from summer. The recent pullback has indeed been orderly (as far as commodities go), and I am on watch to see if natty has another leg higher in it as winter approaches.