10 Apr 2014

Yesterdays ST was still on track even though yesterdays trading day was bullish.  Heading into todays opening market, we thought that we could generate a bullish day also, but by 11am prices could no longer hold and dropped from there making new lows and negative for the week.  There is still room to move to the downside if indicators stay oversold, and we are oversold.  A bounce tomorrow might occur but the clue to the bounce if sustainable is how fast the indicators reset itself.  So far the patterns aside from EW is a lower high, and lower low.  This time also we were able to break the 75ma on the "Daily" chart, which we weren't able to do the last 4 days.

We are making some positive divergence on a 60min level with the MACD and would confirm it with a cross upwards.

MT: DOWN
ST: DOWN
PA: DOWN