The daily chart shows price yesterday making a
higher low and higher high, making an all-time closing high in the process.
Price today has opened above the daily pivot near yesterday's close and has thus
far made a higher high.
In yesterday's blog it was mentioned that the
Monday high/Tuesday low scenario was unlikely to hold through week's end and
that the odds favored a higher high by the end of the week. Barring a massive
sell-off today, we are now looking at a more normal (and bullish) Tuesday
low/Friday high. This variation of the catch-all Monday low/Friday high
scenario is typical price action on the upside of the MM and MW cycles. The MW
high is projected for Monday; given the recent choppy action and the overdue
multi-day high (discussed in hourly chart commentary), the MW high could come
today. However, it is always possible that the MW cycle extends in time for one
(or more) multi-day cycles.
The hourly chart seems to show a rarity - a trading
day yesterday without a 24Hr high or low. Price made its last obvious 24Hr low
overnight Wednesday, broke above daily pivot and 24Hr MA resistance in
yesterday's pre-market trading, and kept moving up throughout the day and
overnight. Should price continue up throughout today I will have to look into
assigning a less than convincing intervening 24Hr high and low, but I will deal
with that when and if needed. In the meantime, we are overdue for a 24Hr high
and multi-day high, and we are overdue for a 24Hr low with a multi-day low
projected for near the close today.
Price is currently trading below the gold Session
MA. If the 24Hr high is in, then price will drop below the overnight low and
likely test the daily pivot at 2109; if the 24Hr high is also the multi-day
high, the pullback could extend lower into the area of the blue MD MA or green
MW MA. Of course, it is possible that the 24Hr high is not yet in and that the
current action is merely a pullback into a higher session low before a surge
upward around the NY open. The white 24Hr MA is the most important key today;
if it fails to provide support, then a 24Hr high and possible MD high is in and
price will test the lower support levels just mentioned.
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