There is not much to say about Friday's action on the daily. While the market was clearly supported by Monday's high, it also failed to rally and closed in the bottom half of its daily range. This together with the relatively high volume indicates that supply is present.
The uptrend line might be tested again Monday. Intermediate term trend lines have worked very well recently as their violation has usually indicated a change in trend.
The intra day today is the key chart. The upthrust in the last hour clearly defines a lower high.After the buying in the first forty minutes, the buying is done for the day. The decline to 98.69
creates a lower low and the potential for a downtrend. Given the weakness most of the day, I do not believe this is a spring. Anything that creates a likely lower high here would be very important in the market's action telling us its future direction.
