mid-morning update for 7/25

Well, today's call couldn't have been any worse, as we pulled back to the daily pivot as I had hoped, but cut through it like a hot knife through butter and made a trip down to the 24Hr MA.  I am long and bleeding from the daily pivot, and will hold to see if we find support at the 24Hr MA as we should if we are on the upside of the multi-day cycle.  It seems unlikely that yesterday was not a multi-day low, so if we keep going south here I can only assume that we are hard down on the multi-month and multi-week cycles and that the multi-day cycle is being suppressed; this happened often during the rise out of the multi-year low in October of last year, when the market would make sustained runs with only one-day pauses.