%^$#edit...Anxiety...the crowd is anxious...some NEWS...?...on the way down there was a degree of fear/doubt ...its still there...
My first thought the first 1/2 hour was I didn't like how price wasn't moving above 2730 ( ...so 2730 gets a flag as some sort of support/resistance level...I'm not going to be tooooo concerned with the intraday noise (YOYO) until 2730 fails...)
So far with this bounce the intraday cycle reached overbought EXCEPT the laggard 60 minute timeframe...it would be best if 60 minute reaches overbought...so...in any case...the intraday cycle is getting ready to cycle down...just waiting on 60 minute CCI= either gets overbought or fails at the CCI centerline/signal line... 60minute... Daily...so what did this intraday UP cycle accomplish= it lifted daily CCI out of oversold...making the daily BIAS bullish=UP...and IF/when the intraday does a cycle down...what you don't want to see is the daily CCI pushed back into oversold... Anyway...so far no concern...watch 2730 and 2725...they fail...watch for 2710...and for now...watch the HalfTime Report... Daily...bias is UP...
60minute...2740 support resistance...it appears MOMENTUM has turned weak as price failed at the 2740 level...stochastics has turned...and volume is weak on this move UP= UP volume compared to the type of DOWN volume we saw 2 days ago... 60minute...CCI still hasn't made up it's mind UP to overbought level or fail at CCI centerline...2730 is getting a test...Bulls are lame...
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