The daily chart shows price yesterday making a
higher high but lower low and lower close versus Wednesday. Price today has
opened below the daily pivot and is testing the weekly pivot which provided soft
support yesterday.
The blue MD MA is now pointing downward, confirming Monday as
a multi-week high. The MW low is projected for Tuesday, but the weekly pivot or
the MM MA or MW MA near 2088.50 could provide support for this low to be seen
earlier. When the low is in, we will see price rally above the MD MA and turn
that average upward, a refrain written frequently here because it happens so
frequently. With the multi-month cycle not projected to top until mid-August,
my expectation after finding its MW low is for price to rally to new all-time
highs; failure to do so would likely indicate that price is on the downside of
the multi-year cycle.
The hourly chart shows price yesterday making its
24Hr high in pre-market trading then trading down all day before finding its low
at the close on weekly pivot and MW MA support. This was the minimum decline
and first support level I had expected, and we will see whether this support was
strong enough to put in a multi-day low, as well as perhaps a multi-week low.
Price several bars ago appeared to find resistance at the daily pivot in the
timeframe for the expected 24Hr high. If this was the 24Hr high, it indicates that price is on the
downside of the MD MA; with the 24Hr low not expected until after the close,
price will have every opportunity to take out yesterday's low. If price again
finds support at the weekly pivot/MW MA for an early 24Hr low, I would then
expect price to rally above the pre-market highs and retest the MD
MA.
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