Tuesday 3/10/15

Price yesterday found support just above the monthly pivot and closed just under the weekly pivot. Price today opened above the daily pivot but has taken out yesterday's low and tested multi-month MA support. Price is overdue for a multi-day low, and the MW low projects for overnight trading after the close. The combination of the monthly pivot and MM MA should support price for the MD and MW lows, assuming the mult-year cycle is still rising.

The hourly chart shows price making a 24Hr high yesterday against the daily pivot, action indicative of being on the downside of the MD cycle. We are currently overdue for the 24Hr low and the MM MA (not shown) near 2059 should put in support for this low. We have already seen a higher low and a higher high on the current hourly bar, but this could just be a move toward a session high which is due this hourly bar. If the 24Hr. low is in, price will break the brown session MA and head toward the white 24Hr MA or the daily pivot at 2075.50. A 24Hr high is due mid-afternoon, but if the MD (and possibly MW) cycle is turning up, that high should extend in time and give price an opportunity to exceed the first targets so it can then find support for the next 24Hr low on the daily pivot or 24Hr MA.