24 June 2014

The higher high we were looking for came today, and immediately turned down.  The ST has also turned south.  A break of the 1925 level is the line in the sand that will turn a short term downtrend into a mid-term downtrend.  The 75ma on the 60min chart is proving again as the support intra-day.

Notice the OS situation on the 60min chart allowing for an acceleration to the downside in a intra-day basis.  If our ST becomes OS, it will extend the acceleration longer to the downside.  Not coincidence is the 200ma hovering near our critical line in the sand of 1925. 

MT: DOWN
ST: DOWN
PA: DOWN (intra-day)