Price yesterday made a higher low, higher high and
higher close versus Tuesday as price rallied late in the day on news that the
Fed was keeping rates unchanged. Price today has thus far made a higher high
but is currently trading lower and testing its daily pivot.
The blue MD MA which is the backbone of the
multi-week cycle has continually acted as support since the February multi-month
low, with the very minor exceptions of the two hiccups (one in February and one
in March). One of those exceptions marked a MW high and shallow MW low; if it
was the February one then we are in the timeframe to see a MW high, but if it
was the March one then the MW high is not due until 3/28. When the MW high is
in, price will cease to find support at the MD MA and trade below it, turning
that MA downward. I will exit all longs and go short on the next close below
the MD MA.
The hourly chart shows price yesterday making a
24Hr low after the NY open and later surging higher after the Fed's decision to
keep rates unchanged. Price found a 24Hr high in overnight trading and quickly
dropped below the daily pivot. A 24Hr low is projected for late morning, and we
will see if price can find "soft" support for on the daily pivot for an early 24Hr low by quickly
regaining it and trading higher into its next 24Hr high projected for well after
the NY close.
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