Tuesday 7/7/2015

The daily chart shows price yesterday making a lower high and lower low versus Friday but closing above the daily and weekly pivots and above Friday's close. Price today has thus far opened above the daily pivot and made a higher high and higher low. It is obvious that yesterday's low was a multi-day low, but it is less clear if it was anything more than that. When we are overdue for both the multi-week low and multi-month low, each multi-day low has the possibility of also being the MW and MM low from which a sharp rally will arise. Today's action has turned the MD MA upward, and if price doesn't turn back down to negate this then it is a solid indication that yesterday also saw a MW low put in. If we are on the upside of the MW cycle, price should move up to test the green MW MA (currently at 2085.49) before finding its MW high which is projected for next Tuesday. If we are on the downside of the multi-month and/or multi-year cycle, price may not be able to get above monthly pivot resistance. Price today appeared to find resistance at the monthly pivot, but it is too early to draw any conclusions from this action.

The hourly chart shows price having made a 24Hr high yesterday at weekly pivot resistance but finding support for its 24Hr low on 24Hr MA support; this action confirmed the Sunday night low as a multi-day low. The multi-day high is projected for 7/9, but higher timeframe resistance in the form of the monthly pivot or MW MA could see this high put in earlier. Price rose overnight and likely put in an early 24Hr high at monthly pivot resistance. Price has since fallen back in the pre-market and currently testing the 24Hr MA. The 24Hr low is projected for near the close, but if we are still on the upside of the MD cycle then the low could be put in early on 24Hr MA or MD MA support; the daily pivot further below would be the other source of support for the 24Hr low to be found. If the overnight high was also a MD high, the weekly pivot could provide support for a low, but a retest of the Monday lows would be more likely. Resistance for any move upward today would include the monthly pivot/overnight high area and the green MW MA just above that.