The immediate trading pattern in this market has exceeded the previous session's high intraday reaching 2829073 and closed higher. Nonetheless, the market remains positive on our system indicators still with some overhead resistance. This market has not closed above the previous cyclical high of 2817497 while it has exceeded that level intraday. Obviously, it is pushing against this resistance level.
We did close above the previous session's Projected Technical Resistance indicator which was 2799229 settling at 2813205. The current rally resistance for this session was 2852440 which we have now closed below suggesting the rally is losing momentum. However, the Projected Breakout Resistance indicator for the next session will be 2847334, which is still above the current closing. While an open back above this pivot number or closing back above it signals the rally may resume, and open below this number will warn that a mere penetration of 2802832 and a closing beneath this pivot point will imply the market will head lower to retest support.
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The immediate trading pattern in this market has exceeded the previous session's high intraday reaching 2829073 and closed higher. Nonetheless, the market remains positive on our system indicators still with some overhead resistance. This market has not closed above the previous cyclical high of 2817497 while it has exceeded that level intraday. Obviously, it is pushing against this resistance level.
We did close above the previous session's Projected Technical Resistance indicator which was 2799229 settling at 2813205. The current rally resistance for this session was 2852440 which we have now closed below suggesting the rally is losing momentum. However, the Projected Breakout Resistance indicator for the next session will be 2847334, which is still above the current closing. While an open back above this pivot number or closing back above it signals the rally may resume, and open below this number will warn that a mere penetration of 2802832 and a closing beneath this pivot point will imply the market will head lower to retest support.
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