Friday, 3/13/15 An important day for bulls and bears

Yesterday price did what was the bulls needed it to do, as it rallied strongly to close just above the MM MA and right at monthly pivot amd MD MA resistance. Price thus far today has opened above the daily pivot and made a higher high than yesterday but seems to have found continued resistance at the monthly pivot. So far the week has seen a Monday high and a Wednesday low. Wednesday lows (or highs) often mark multi-week lows (or highs)- in fact the prior MW high was made on Wednesday, February 25th. One of the more bullish things price could do today would be to close above the weekly pivot at 2076.42 (apologies for some incorrect pivot # in this week's earlier posts, the probelm is fixed now). This would help to ease concerns that the MM cycle is rolling over early (which would imply that the MY cycle has turned down). One of the more bearish things price could do today would be to take out yesterday's low and indicate that we are still on the downside of the MW (and possibly MM and MY) cycle. A multi-week high is actually due today, but this is because the cycles have been running fairly short lately; a return to a normal cycle length would see the MW high due the middle of next week.

The hourly chart shows price yesterday making a 24Hr low on daily pivot and 24Hr MA support and rallying strongly before pausing at the MD MA at the NY close. A 24Hr high was formed with a double-top of session highs and price broke down below the session MA in search of the  slightly overdue 24Hr low. It is possible that this low has been found on MD MA support last hour; it is also possible that price is merely rising off of this MA to put in a lower session cycle high (due the 10:00am EST bar). Resistance for this high should be found at the white 24Hr MA or gold session cycle MA. If the 24Hr low was last hour, price may ignore this resistance; if not, price should retest and likely break this morning's low and possibly find support for it on the monthly pivot or daily pivot.

This is one of the more important days in determining where price is in the scheme of the larger cycles, and unfortunately I have appointments that will have me heading out shortly after the open.