Bruce's Pre-market Analysis for 7/11/12

Good morning for Wednesday, July 11th. Due to a funeral this morning, my post will be short. The hourly chart shows price making several whipsaws around the 24Hr MA yesterday, forming either unusually short 24Hr cycles or unusually long session cycles; this behavior seems to have become somewhat common around MW and MD cycle turns. In any case, a 24Hr high was made an hour after the open yesterday under MDMA resistance. This was likely the overdue MD high and indicates that we are still on the downside of the MW cycle. A lower 24Hr low was made under the MWMA near the close, and it is possible we have recently put in the 24Hr high under daily pivot resistance. We are in the timeframe for the projected MW low, and a MD low is projected for early hours Friday. With a 24Hr low projected for around today's close, price may look to the monthly pivot at 1323.83 for support to turn the lower timeframe cycles.  The session cycle has been tough to pinpoint as prices are hugging the session MA, but it appears we are in the timeframe for a session low to be made.