Tuesday 12/8/15

The daily chart shows price yesterday making a higher high and higher low but lower close versus Friday's candle.  Today price has opened just above its daily pivot but has taken out yesterday's low and is testing the monthly pivot for support.  We have been unable to stay above the MD MA, which indicates that price is still on the downside of the multi-week cycle.

Today is the projected date for the MW low, but just as there is still hope that perhaps last Thursday was an early MW low, there is always the chance that the MW low could come later than projected.  Bulls want to see the monthly pivot provide support for this MW low, bears want to see this MW low take out the November MW low; the market doing what it does, the low will likely be made somewhere in the middle, leaving uncertainty as to which side has won.

The hourly chart shows price yesterday making a 24Hr high in pre-market trading and falling sharply into its 24Hr low at noon.  Price bounced slightly into a half-span 24Hr high under MD MA resistance just after the NY close and has drifted lower in overnight/pre-market trading.  The last hourly candle saw price take out both yesterday's low and the monthly pivot as price searches for its 24Hr low which is not projected until early afternoon.  Bulls would love to see soft support by the monthly pivot for an early 24Hr low, but would settle for a 24Hr low above Thursday's low.  As always, when price is able to trade above the Session MA and turn that average upward, we will know the 24Hr low is behind us.