The daily chart shows price yesterday opening above
the daily pivot, making a lower high and higher low and closing below the MD
MA. "Inside" days are normally small candles, but this one managed to lose 34
points. Despite the carnage, the possibility remains that Monday was the
overdue multi-week low. The MW high is projected for 7/14, but thus far price
has been unable to make any headway. Price thus far today has put in another
inside day versus yesterday, but it has regained the MD MA. If the MW low is
behind us, price should be able to stay above the MD MA and turn that average
upward.
The hourly chart shows price yesterday making an
earlier-than-projected 24Hr high under daily pivot and 24Hr MA resistance
before falling into a half-shift 24Hr low (just 11 bars after the prior 24Hr
low) an hour before the NY close. This low was likely a multi-day low, as price
has risen sharply overnight to take out 24Hr MA and daily pivot resistance and
is currently testing MD MA and weekly pivot resistance.
I had previously designated Tuesday's 24Hr low as a
multi-day low, and it indeed had the same hallmarks of one as the current 24Hr
low in that price was able to rise above 24Hr MA and daily pivot resistance and
even tested the monthly pivot. However, price was never able to use the 24Hr MA
or daily pivot as support for a 24Hr low; and while it was a lower low than
yesterday's low bar, the close of yesterday's bar was lower. We are currently in
the timeframe to see a 24Hr high, and the 24Hr low is projected for near the
close. If yesterday's low was a MD low, price should find support for the next
24Hr low on the daily pivot or 24Hr MA, both currently at the same 2050 level.
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