Mid Day Chart 7-21-2014

So far, the trend is down this morning.  It appeared prices would find support around 1963.50, but prices were finally able to break through and continue lower.  I see a tighter two tiered channel that is working lower, but we do have a break of it and a new low if I have it drawn properly?

The 1958.0 area was where prices found support on Friday before working higher, so I’m looking at it as a possible target and likely place to see another possible bounce or at least maybe a temporary support area.  Regardless, until we get a reversal pattern, the trend and bias will continue to be to the down side.

Mack's Mid Day Chart for 7-21-2014.

Mack’s Mid Day Chart for 7-21-2014.