Price opened up this morning with overhead resistance
from the MA's. We bounced off them and set new lows. Price was choppy for a good
part of an hour before turning up with the MA's. It got a bit overextended after
rallying to new intraday highs and once overhead resistance from the MA's came
back into play the market tumbled to new lows. On the long term tick charts, price had a difficult time getting up to the overhead resistance MA's. By the time it intersected with the 6765 tick MA's it was
totally overextended and looked like what had been a short covering rally. With
that weakness and no new buyers, initiated selling began and the market fell very quickly.
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