What can you say– that was a weekly bearish reversal and all the charts do not look favorable for the bulls. I remember having similar thoughts two weeks ago after the bullish close and the rally off of the large gap from expiration, only to watch the market try to rally — fail– and push significantly lower. Now the same could be said about the market from a negative perspective– it has to expand prices lower– right. While I do not expect prices to drop another $.40 this week– there may be some extensions lower per my conversation in the Weekly section.
Major Support: $2.882, $2.853, $2.789, $2.657-$$2.637 Minor Support:$2.743 Major Resistance: $2.98-$3.05, $3.091, $3.151, $3.24, $3.361-$3.370, Minor Resistance: $2.905, $2.922
