UNG

I've had a few emails this morning concerning/concerned about, UNG and the downdraft this morning.

However it seems Energy broadly is down with XLE and IYE down (crude is up slightly) and UNG down, this seems to be all about this morning's weak GDP number, here's UNG pre-market...

Right at the red arrow on this 1 min chart, UNG sees a sharp move down, this is the same time Q1 GDP is released, it seems Energy weakness is all about the G1 GDP coming in softer than expected, thus discounting reduced energy demand.

All in all, UNG's 3C chart is holding up rather well so this looks to be more knee jerk than anything.

In fact the intraday 1 min (where any new short term divergences would start) is seeing a sharp leading positive move starting.

I'm not saying this is where I'd add to UNG, it may be an area, but I'd prefer to see more timeframes suggesting the same and this move is early, but in the right direction and making sense.