The multi-day high is in (finally)

Price today has opened above the daily pivot but has thus far made a lower high and lower low and has penetrated (finally) the blue multi-day moving average. We were extremely overdue for both a multi-day high and a multi-week high. We have now definitely seen a MD high; the question remains whether the MW high is also behind us. If so, price can be expected to test the green MW MA (and possibly the monthly pivot below that) in the next week or so.

The hourly chart shows price testing the blue MD MA an hour before yesterday's NY open, but closing above the daily pivot the same candle. This was the first hint that the MD cycle was rolling over. The second came with the half-span shift of the 24Hr cycle high just a few bars later. Last evening price broke below the MD MA and thus far the 24Hr MA has acted as resistance, behavior indicative of being on the downside of the MD cycle. We are already overdue to see a MD low due to the extreme right-translation of the MD high, but I would expect that we will see a couple of lower 24Hr lows before the MD low is made. Whether we have made a 24Hr low already this morning is uncertain. We are in the timeframe for a session cycle low to be made and it is possible we have just put it in; if so, it is a higher session cycle low which means the 24Hr low was made around 3:30am. A 24Hr high is projected for an hour after the NY open. I would expect the daily pivot or 24Hr MA to provide resistance for this high and to see price drop the remainder the of day; it is even possible that we have already seen the 24Hr high made under 24Hr MA resistance at the 4:30am bar - a lower session cycle high projected for shortly after the open would be needed to confirm this.

The turning of a MD cycle usually headfakes me; I expect a dramatic sell-off coming out of a MD high and it doesn't appear...until the next day. I expect price to drop for most of the day and end sharply lower, but it would not shock me if the market action is muted today and we wake up Monday morning to the futures down 100 pts on the Dow.