Bruce's Pre-market Analysis for 7/10/12

Good morning for Tuesday, July 10th. The daily chart shows price yesterday making a lower high and lower low and opening and closing below the daily pivot. Price today has opened above the daily pivot and made a higher high but so far has found resistance at the downturned MDMAand weekly pivot. We are in the timeframe for a MWL to be found. If yesterday was that low then price should break above both the MDMA and weekly pivot; if the MWL has yet to be made then price should continue to find resistance there and likely test the MWMA below.

The hourly chart has become somewhat unclear to me, as price has whipped above and below the 24Hr MA yesterday and today. What appears more clear is that price made a 24Hr low late yesterday morning and rallied into its 24Hr high at the close. There appears to have been a double bottom of session lows overnight that could very well be a higher 24Hr low. Price has run from that area to test the MDMA, indicating that yesterday was possibly a multi-day low. The 24Hr high is projected for around the close today and a multi-day high is projected for overnight; if we are still on the downside of the MW cycle, the MDMA could be the area in which both the 24Hr cycle and MD cycle get turned ahead of projection. Conversely, if we have found the MW low, both of these cycles should right translate past projection. We are in the timeframe for a session high to be made. A session low is projected for 45 mins after the NY open. A higher session low would indicate that the overnight double-bottom was indeed a 24Hr low and likely MD low.