Startled that the declines never seriously tested the major support from early May and April ($6.50-$6.42) before finding support again and challenging the $7.00 zone. A couple of you have asked what I consider the expiration process — when I was trading cash and futures the 3-day close (setting up the Indices for the month) and what found out was that time period ran into some “issues” by the industry players. Now I look at the last 5 days of trade to watch for trends. Continue to rely on the 15 month trend of the prompt month rallying during the process. It is a trend until it isn’t. Should the trend break — still waiting for serious test of support.
Major Support: $6.426 Minor Support: $$6.60, $6.245, Major Resistance:$7.66, $7.725, $7.816, $7.955
