We wrote last night ” note how trend-line broke and now has been regained. For day-traders the low 44.61 now is the first floor.” Today’s low was….wait for it…..wait for it….. 44.625. As long as that holds now the bias is day-trade long. Note how 60 min chart/20 EMA which had been resistance (boxes 1 and 2 which were great spots to short against) has now flattened out (3) and is turning the other way. This is another argument for day-trade long bias.
Update: Already working, now through the 20EMA on 60 min chart:
Couple of points:
1) we’re only talking day-trades here. No serious support on daily for a while. If 44.61 goes then bias goes again short or at least neutral for us until next support areas on daily.
2) FOMC rate decision out at 12:30 PM tomorrow — if that somehow lights a fire under the moribund $USDX then expect pressure on all commodities.