12 Aug 2013

There was a substantial drop in futures overnight but by the open of the market, things seemed to have calmed down and prices rallied.  Prices seemed to have stayed relatively calm, but it has failed to break above the 60min charts 75ma (A key S/R).  Our intra-day signal flipped over to a buy at the end of the day, but this is just intra-day.  The most important is our main trends and that is still intact for the downward move.

Main-Trend: DOWN
Short-Term: DOWN

We could still be looking at a corrective phase for the markets and this might be why prices are overlapping each other and very volatile.