The daily chart shows price yesterday opening below
the daily pivot and making a lower high and lower low versus the prior day,
closing just below the monthly pivot. Price today has opened below the daily
pivot (and monthly pivot) and thus far made a lower high and lower low. The
green MW MA has rolled over and is pointing downward, indicating that we are on
the downside of the multi-month cycle. Last Monday's high has been marked as a
multi-month high. The multi-week low is projected for tomorrow, so we may get
some bounce next week, but the multi-month low is not projected until the end of
June, so the "sell in May" crowd should have plenty to talk about by month's
end.
The hourly chart shows price yesterday making a
24Hr high below daily pivot resistance then dropping until mid-afternoon. Price
spent much of the overnight trading butting against daily pivot and monthly
pivot resistance before falling into a lower low. Price is currently above the
gold Session MA but has appeared to fail at the daily/monthly pivot resistance
yet again. We are overdue for a MD low, and the MD high is projected for
overnight tonight. When the MD low has been found, price will finally be able
to get above the daily pivot, though its upside may be capped by the green MW MA
since we are on the downside of the MM cycle as mentioned above.
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