The weekly SXT buy signal was hit in yesterday's trading session. This meant breaching the 40 SMA at 3.261. However this was not surprising considering the PPM 3 was nowhere near trend mode. This meant that the 40 SMA held no significance in that session.
Now that the SXT buy was hit, price seems to be rebounding in early trade today. Note however that the PPM 2 is still not in trend mode, hence it plays no role as well. Only PPM 1 is in uptrend mode but it is way out of the market grid for this week hence price is unlikely to get there.
Moving on to the daily chart, the PPMs are all just barely in trend or out of trend. Looking at the algos, the prediction is a slight upward bias for all 3 for now. This is congruent with the algos on the SMAs which show upwards angle of attack for the 3 SMAs. Thus I expect movement back above the 10 SMA for now, followed by an extension upwards till probably around 11/1 before momentum is lost and price moves back to test the 21 SMA.
Now that the SXT buy was hit, price seems to be rebounding in early trade today. Note however that the PPM 2 is still not in trend mode, hence it plays no role as well. Only PPM 1 is in uptrend mode but it is way out of the market grid for this week hence price is unlikely to get there.
Moving on to the daily chart, the PPMs are all just barely in trend or out of trend. Looking at the algos, the prediction is a slight upward bias for all 3 for now. This is congruent with the algos on the SMAs which show upwards angle of attack for the 3 SMAs. Thus I expect movement back above the 10 SMA for now, followed by an extension upwards till probably around 11/1 before momentum is lost and price moves back to test the 21 SMA.