Thursday 4/2/2015

The daily chart shows price yesterday making a lower high and lower low while closing below the daily pivot but appearing to find soft support on the blue MD MA. Price thus far today opened above the daily pivot but is currently trading below the MD MA and at the daily pivot. Yesterday was the timeframe for the MW low, but until price gets above the MD MA and bends it upward, that low is not in. We currently have a Monday high/Wednesday low situation, which usually only occurs at MW lows. With the market closed tomorrow for Good Friday, it will fall on today alone to fall below yesterday's lows if we are to make a more normal (and bearish) Monday high/Thursday or Friday low.

The hourly chart shows price making a 24Hr high yesterday morning before the NY open under 24Hr MA and MD MA resistance. Price sold off sharply and put in what appears to be an earlier than projected higher 24Hr low shortly after the open. That would make the 3/31 low a multi-day low, which was the projection for the MDL and MWL. Price did get above the 24Hr MA and did subsequently turn the MA upward, which argues that it was indeed an early 24Hr low. If so, what appears to be an earlier than projected 24Hr high was made just after the close under MD MA resistance. Price then sold off overnight, breaking below the daily pivot and 24Hr MA and bending that MA downward. Price is currently testing daily pivot and 24Hr MA resistance in the time window for price to find its session high. A session low is due shortly after the NY open. A higher session low at that time will indicate that the 24Hr low is in, and price should be able to retest MD MA or perhaps weekly pivot resistance as it searches for its MD high projected for tomorrow morning.