Good morning for Thursday, June 21st. The daily chart shows price yesterday making a higher low but lower high, opening and closing just above the daily pivot. Price today has thus far also had an inside day and opened above a daily pivot that is very near yesterday's pivot. Common pivots often show up at cycle turns, another factor that led to my ill-fated consideration of last Monday as a MW high that brought subsequent derision and scorn upon me by those with far greater expertise in the subject. That's okay, I've been called worse things by those closer to me, and cleaning up cat puke before breakfast hurt my feelings far worse. Anyway, since we are still in search of the MW high, the common pivots are a warning flag of sorts.
The hourly chart is mass confusion for me. A 24Hr low was made overnight Tuesday, and it appeared a 24Hr high was made at 7:30am Central, until the 1:30pm EST bar made a higher high but a low that tested the MD MA. I am unsure how to handle this bar: ignore the large wicks and keep the 8:30am bar as a 24Hr high, consider the 1:30pm candle as the 24Hr high, or split the difference? The bar creates just as many problems when designating the 24Hr low, so for now I am going to just let price settle out and work backwards later. One thing is clear on the chart, however; price is gyrating around the daily pivot and 24Hr MA, though still above MD MA support. The MD cycle itself has been vague, though it now appears that Tuesday's high was the overdue MD high. Whether we have found the overdue MD low with yesterday's test of the MD MA has yet to be determined. Currently we are in the timeframe to see a session high and a session low is projected for shortly after the NY open.
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