The daily chart shows price yesterday opening below the daily pivot and making a lower high and lower low and closing at the MD MA. Today price has opened below the daily pivot and thus far made a higher high and lower low, finding resistance at the MD MA and currently testing the weekly and monthly pivots. A MW high is projected for today or tomorrow; if we are on the upside of the MM and MW cycles, price should take out Monday's high before that MW high is found. The alternative is that Monday saw an earlier-than-projected MW high and that we are now on the downside of the MW cycle. An early turn in the MW cycle is often a warning that the higher timeframe multi-month cycle has turned. How price reacts to higher timeframe support below and the MD MA above should let us know which alternative is correct.
The hourly chart shows price yesterday making a lower 24Hr high at the open and a lower 24Hr low under the MD MA at the close. Price overnight found frequent resistance at the daily pivot before breaking above it and bumping into the MD MA. We are in the timeframe to find a 24Hr high, and it is possible that we have just seen one as price has spiked above the MD MA but reversed strongly back below the daily pivot and below the prior 24Hr low. We are well past due to see a MD low, but thus far price has done nothing to indicate that we are on the upside of the MD cycle. A session cycle low is projected for 9:15am Central, and a 24Hr low is projected for mid-afternoon. We shall see if the green MW MA (barely in picture at bottom right) provides support for one or both of these lows to be found.
Though news-driven, this is still very odd behavior for a market that should be on the upside of the multi-month and multi-week cycles. It is possible that the surge Friday and Monday was the last gasp of the multi-month cycle before it rolled over. If so, price should find continued resistance at the blue MD MA in the coming days as price travels sharply lower.
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