On the hourly, we're trending up, and we've been in a melt-up since we broke back above the 50 period MA, and Green line support, yesterday. On the daily, we broke above the Green line (formerly resistance) on Oct 8th, and yesterday we bounced back off this line, as support (polarity principle). It's important to note, though, that we're at the upper range of the BB on the daily and weekly, with the rolling over from it's recent over-bought levels. On the weekly, we briefly turned positive this morning, and are trading marginally above the Green line support (around 345.50). A close above this support today would mark the first weekly close above, since we broke below the week of Sep 21st. This would add significant fuel to the continuation theory, with basically every support now holding price discovery hostage.
I'll be looking at the 345.50 level today for a break below, and confirmation of further downside. I'll also be looking at the 350 level, which is the all-time weekly high close. Double-top to end the week, perhaps? It should be an interesting afternoon session to say the least, so stick around.
Thanks for your time today guys. I'll be posting updates throughout the day - so stay tuned! Cheers, Michael.
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