It seems as if the bull’s ability to will prices higher is weakening. Given the daily net-line at 911.25 and the fact that prices were over 10 points above that line shortly after the opening and are now below the line means we have to be talking about a relatively big failure for the bulls today. There’s still a net-line sell level at 897.25 on the 135 minute. A close today below that level and things could open up on the downside. Nice raw divergences on the 60 minute chart point to this morning’s peak as an exhaustion of sorts.
click chart to enlarge
click chart to enlarge
1 response so far ↓
1 rich // May 20, 2009 at 4:02 pm
The bears are still in play and the solunar drop can still play out.
We haven’t broken the early May highs yet.
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