Joules MM1
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i think we'll need a cash close below 1338's to nail the lid shut for the bulls for this time around but that will only cement with a cash close below where the news fomc release came and allow that swinging back thru the news level is a normal course for trends to make and that such an action would be very bullish only in that trend would be moving based on internal drivers and not news induced as news is part of the trend, news does not make the trend...
that means retesting the weekly lows if we cannot muster short covering energy at the fomc release low.....no support from fund money is not a great tip to be long....
.....but, it's a commodity
trending up on news is not bullish if trend comes back down on it's own intrinsic pressures, in other words; bids swamp offers in induced energy spike and offers swamp the bid with (down)trend...it's an important distinction
imho
that means retesting the weekly lows if we cannot muster short covering energy at the fomc release low.....no support from fund money is not a great tip to be long....
.....but, it's a commodity
trending up on news is not bullish if trend comes back down on it's own intrinsic pressures, in other words; bids swamp offers in induced energy spike and offers swamp the bid with (down)trend...it's an important distinction
imho