Wanted to show on both the Weekly and Daily charts the Death Cross formation (when the short term moving averages break below the long term averages) and responding to a question from one of the readers. While a bearish formation indicating the potential trend change, I chose not to highlight as the market seemed to be focused more on the ranges each contract had developed. Note on the Daily Chart a “cross” occurred last year and after a few days. Perhaps this year is different but I would not add significant short positions until the duration of impact is better defined.
Major Support: $3.054-$3.007, $2.97, $2.727, $2.648, Minor Support : Major Resistance:$3.167, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501
