17 July 2014

There were indications midday that the market was weak and a potential to push lower.  The last hour provided the push lower and pierce the level I said would be important for an extended push lower.  This level is the 60min charts 200ma @ 1958.96 and we closed at 1958.12.  Although close, we can assume that a close below it should signal more downside.  I would apply the rules here that it would need for the 3rd candle bar to close below the 60min charts 200ma.  So tomorrow we should see where the 3rd hour resides or if we continue in an impulsive manner lower which would become evident by then. 

MT: DOWN
ST: DOWN
PA: NA

Notice that our ST has turned to bearish...