Thurday 12/24/15

Despite yesterday's very bullish candle that saw price open at its low of the day and close at its high of the day, nothing has changed from yesterday's commentary; it is still unclear whether last week's high was an early MW high.  Price must take out last week's high to prove that it wasn't, otherwise we should expect price to soon take out last week's low.

Yesterday did clear up some of the uncertainty on the hourly chart.  With the 24Hr high coming at the close yesterday, it makes it easier to designate the prior 24Hr high and low.  The next 24Hr high is projected for the close, but we must remember that the market closes early today. We are overdue to see a multi-day high, and it is possible that yesterday's high will prove to be that high.  A break of the 24Hr MA will likely mean that the 24Hr high (and MD high) has been seen and price should then be expected to visit the MD MA early next week.  

There will be no commentary tomorrow.  Merry Christmas to all!