Good morning for Friday, June 29th. The daily chart show price yeterday opening above the daily pivot but making a lower high and lower low and closing just above the daily pivot. Today price has opened above the daily pivot and MD MA and made a new high for the week. Should today's action hold it indicates that Monday was indeed a MW low. A MW high is projected for the July 4th timeframe.
The hourly chart shows price yesterday finding resistance at the daily pivot before breaking below the MD MA and trading lower into late afternoon. This fit with my expectation for the market posted yesterday morning. In somewhat of a surprise, price then surged up to the daily pivot at the close, again finding it to be resistance. A session low was made early evening on MD MA and Session MA support before rocketing above the MW MA and the monthly and weekly pivots. This behavior indicates that we are on the upside of the MD and MW cycles. We are overdue for a 24Hr high, but an extreme right-translation coming out of a MD low on the upside of the MW cycle would be expected. We are currently in the timeframe for a session high to be found, and a session low is projected for about 30 mins after the NY open.
It is always rough to call for more upside when we are already overdue for a 24Hr high, but my expectation coming out of a MD low on the upside of a MW cycle is that we will see a session low shortly after the open and make another move higher for a higher session high in about 6 hours.
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