A few of notes…
1) Our focus shifts to the October contract for NatGas, RBOB, and ULSD.
2) Our modus operandi is unchanged. As before, with the break below the 22 day and 50 day moving averages, we will be watching intently to see if the 100 day moving averages will now turn to resistance for crude and products. These MA’s are just overhead. Should these moving averages halt the rally we could easily find the energy complex retesting the recent lows in short order. If these moving averages can not halt the rise, a breach of the 22 day and 50 day moving averages will be the next task for the bulls.
3) Suggest keeping a close watch on equities, copper, and the US Dollar for directional ques.