The market is still on course to what I have been tracking the past few days. We had a pop this morning and then gave up nearly 13 points, but found support right above the 1173 pivot. The low for the day was 1177. I still believe we could get a test of 1196-1203.
With the market having violent swings and reversals in all direction, the pivots become even more important now. If we can get a solid break above 1189, we could take out 1196.
However, if we get a decent sell off to break below 1173 and 1159, the market could pull back even further. As I have mentioned before, this sort of choppy action usually comes at tops. We had it in January and we had it in April.
Here is a look at the last 6 daily candles. As you can see, they all have long shadows on both ends but have small bodies.
This just shows the indecision in the market. We have had 12-18 point swings intra day, but the market only closes up or down 1-3 points. This is the tug of war between the bulls and bears. The winner will be determined by a break those pivots.
Keep an eye out for how the market reacts at 1189 or 1173. Also be sure to check out my charts of the day, the USD had a very interesting day today. Those will be updated shortly.
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