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Trading Homework For Trade-date Monday July 29th 2019

Commentary

  • Gold – still in triangle but its getting long in the tooth here. I would not be surprised if this fails or morph into larger sloppy pattern.
  • Silver – has been stronger than gold and is now forming its own sideways line.
  • Cattle – this one is on a weekly grail sale and, with three DOJI candlesticks painted on the daily, it seems like the grail sale should kick in any day now.
  • Hogs – Still on a 5 SMA buy.
  • Natural Gas – this one is intriguing because it looks like daily buy divergences are starting to set up on it. Hard to get excited about it given the weakness that this market has shown…
  • Equities – Midcaps and ES both seem to be forming sideways lines (despite the new all time highs painted on Friday). Neither the DOW nor the Nasdaq closed at ATH. So with the mixed picture and the summer doldrums, I’m thinking that sideways trading will the norm for the next few weeks. Its really hard to get excited about upside breakouts in the summer months.
  • EC – definitely at critical level here. A close below Thursday’s low would be a breakdown and should be shorted.
  • CD – Might be good for a long scalp off the current candlestick hammer at the lower end of a range and oversold oscillators.
  • NE1 – 5 SMA buy still in play.
  • PL – 2 days down in uptrend – but coming after buy climax. Might be good for a scalp.
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