Wednesday 5/20/2015

The daily chart shows price yesterday making a higher high and higher low but lower close versus Monday. Price today has thus far opened below the daily pivot and made an inside day versus yesteray. We are overdue for a multi-week high to be seen, and the MW low is projected for 5/28. There is no evidence yet of price having made a MW high as price remains above the upsloping MD MA. If price is unable to get above the daily pivot, it would indicate that we have seen a multi-day high; given that the MW high is overdue, we must be open to the idea that a multi-day high may also turn out to be a MW high.

The hourly chart shows a 24Hr high being made yesterday in the pre-NY open trading and a 24Hr low made on daily pivot support near the close. Price in overnight trading has been unable to reclaim the daily pivot, indicating that yesterday's high was likely a multi-day high. The MD high projection was for near the close today, so the earlier-than-projected high carries some bearish concerns that perhaps the overdue topping of the MW cycle forced the early MD high. We are currently overdue for a 24Hr high; if we are indeed on the downside of the MD cycle then daily pivot resistance should hold and price should fall throughout the day in search of a lower 24Hr low. The MD MA is the first place for price to find support, but the weekly pivot at 2107 is also likely. Should we also be on the downside of the MW cycle, the weekly pivot would be very likely to be tested, with the MW MA below it at 2103.50(ish) also a possible testing point.