The decent trade below $61.64 (+.9 of a tic per/hour) projects this downward $2.95 (+). We have seen $3.92 of this so far. If we break back above decently, look for decent short covering to come in and a resumption of bull calls. This will come in at $62.58 (+.9 of a tic per/hour starting at 9:00am). The break back below $59.96-84 warns of heavier pressure, likely down toward $51.00 (-) in the months ahead. Today has a good likelihood of being a range expansion day. NOTE: this is just a small excerpt of the market analysis I do for my clients.
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