Today is series s2H and the SPILL PRESSURE is DOWN- Yesterday the BULLS held the 1525 LOW and the 1527 SPOT coupled with the INVERTED T ONE MORE LONG when they overcame the ‘news event’ from Russia with a SU move to the MINIMUM BOUNCE expectation of 1642.5 SPOT HOWEVER (with emphasis) they left themselves vulnerable by NOT going after LAST HOUR HIGHS that would have extended the gains toward the 1647 SPOT. Price on CASH COULD NOT get out over the high from 8/27 @ 1646.46 and the slightly higher high in FUTURES was a function of FAIR VALUE DENIGRATION.
The vulnerability is tied to the NORMAL pattern for today of a.m. high to last hour LOW. The BULLS need a COMPRESSED DAY….ON OFFENSE they NEED TO GO AFTER THE 1647 SPOT just a dab above the 1646 SPOO 12 retrace. THEY NEED to hold 1632.5 which was the Price of the day again yesterday and is a NON RECOVERED SLICE AND DICE. Simply put, they need enough CUSHION to weather the ‘normal pattern’. IF THEY FAIL and we take out the 1632.5 as a first TELL and CONFIRM with new lows for the overall move THEN the (C)is back in GEAR FOR ITS’ 3 OF (C)AS THE FAVORED LEAN CONTINUES TO TRACK…If they SUCCEED then price is still in 2 of (C)or on the way to (B) and the more probable bounce targets of 1651.5 and 1667 SPOT PLUS are the NEXTS.
By William Blount
FV -1.87 NUMBAHS S2H 08/30/ 2013 SEP. contract
DAILY WEEKLY
PIVOT 1636.8 1653.3
S1 1629.2 1644.4
S2 1621.5 1627.3
R1 1644.5 1670.4
R2 1652.1 1679.3
MAX H 1659.8 1696.4
MAX L 1613.9 1618.4
Range Projections
1633.0-1648.3 Primary 1648.9-1674.9
1625.4-1640.7 Alternate 1635.9-1661.9
TVS
1636.7 HIGH 1648.1
1629.8 LOW 1646.6
TWO DAY
1649.0-1652.6 HIGH
1620.7-1624.3 LOW
OPG 1629.3 1651.4
H 1644.3 1662.3
L 1629.0 1636.3
C 1637.0 1661.4
