Market Updates for $TNA, $C, $XLI and $NUGT

TNA

Yesterday’s update remains fully applicable:

Now what? Well, this is a point where we must work on recognizing the probabilities for the market to take out our wall at 101.42 and advance above it consistently, not only in a spike up, but in a trend mode for 105-108 and finally 113.46.

For now immediate average support for the market is at 94.93,

with more detailed fibonaccis here (link2), by opening link 2, things are very clear, should the market take today’s highs, this is 101.30, immediate target is 103.03, with clear level to watch at 101.42, once/if market hits 103.03, previous resistance at 101.42, 100.31 and 100.21 will become support, Ideally, it must hold 101.21, and by doing that we can increase target to 108 once 103 is retaken. Think the path is more clear now and less risky.

As an additional note: Volatility is being stretched too much, 16.14 is next support line on RVX and we seriously doubt that 14.06 line is going to be taken consistently, chart here (link). Reason we are very cautious here.

For tomorrow Thursday, ideal support for TNA is 101.6 or gray .618, chart here (link), under 101.6, support is 101.10. For trades, those levels can be bought with stops at 98.72, above 103.38 target for TNA is 106.25. Today we started longs at 100.80 and 101.90, we got 103, but we decided to hold with GTC stops.