Bruce's Pre-market Analysis for 7/13/12

Good morning for Friday the 13th. Price yesterday made a lower high and lower low, closing above monthly pivot and MM MA support. Price today has opened just below the daily pivot and traded up to the MD and MW MAs where it found resistance and was turned back. Price is still behaving as if it is on the downside of the MW cycle. It will be interesting to see if higher timeframe support holds as it did yesterday; if not, it will be a strong indication that we are on the downside of the MM cycle.

The hourly chart shows price making a 24Hr low yesterday morning at the monthly pivot and trading up through the 24Hr MA. The 24Hr cycle is unclear to me from that point. It is possible that a 24Hr high was made before the close yesterday under daily pivot resistance, or that the high occurred at (or between) the next session high which formed a double-top, or perhaps even the 6:30am Cental bar this morning that tested the MD MA. If any of those were a 24Hr high, it would still be a lower 24Hr high and indicate that we are still on the downside of the multi-day cycle. We are overdue for a 24Hr low; the ability of price to find support at the 24Hr MA or daily pivot would be an indication that the MD cycle has turned. We are currently in the window for a session low to be made, and the next session high is projected for lunchtime.