Since exiting the three-week consolidation range between 220.00 and 222.30 last week, prices have taken a few tentative stabs at the upside, the latest being today's top at 223.15. Last at 222.30, the long-term uptrend looks to be a little enervated due to the nearness of the eight year peak scored on August 31 at 223.85. Until or unless that resistance is cleared away the risk-to-reward ratios for new buyers (and not so new) is potentially diminished.
Daily studies have not been very useful in recent weeks, neither totally confirming the breakout beyond 222.30 nor refuting it. Today's new daily high resets the daily reversal-on-close pivot point to Friday's low of 221.10. The weekly uptrend's pivot point remains at 217.70 and will do so unless the 223.85 high is surpassed to reset it. Hourly studies are closer to oversold as prices now test the uptrend line drawn from last Thursday's lows and supporting at 222.15 at this writing. If that line holds, then another try at today's highs would be a better than even-money chance.
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