7 May 2014

What a wild ride we got today.  The daily candle looks like a reversal candle, but that alone cannot be a gauge into a definite trend.  Volatility is getting to be a daily occurrence, and we should be prepared for these events.  For those long time bears, I do believe patience will pay off sooner than later.  As far as the market is concerned, we have not entered a full recessive market (too early to tell).  The ST still points downward, but if we don't see a whipsaw back down tomorrow, we might see a high possibility of a change in trend back up.

The 75 and 200 60min MA have been the supportive factor intra-day.  Once both MA slopes downward and price keeps distancing itself from the MA.  We will know that markets are in bad shape.

MT: UP
ST: DOWN
PA: NA