Updated: Sep 27, 2022
*Accuracy rating update: 100% or 17/17 predictions correct*
Day’s theme: A big move to the upside, however this behavior is counteracted due to being nullified.
Behavior around the high: Selling from near overbought territory on the RSI around the high.
Behavior around the low: N/A
Trade opportunities: N/A
On August 15th, there’s a notable reversal on a one-day chart in the pre-market, and there’s a move sideways along a support level right around the open. After rotating sideways along support for a bit, we move higher to meet the closest resistance and then move back down to rotate along support again. We’re attempting to establish support in the first hour to hour and a half. Around 10:45 a.m., there’s a notable decline that stands out on a one-day chart. Around noon, we move out of that decline from the bottom of a range to the top of a range. There’s a high around midday where we meet an important resistance level.
Between roughly 1:00 p.m. and 2:00 p.m., we break out through that resistance level and there’s a notable move into a day’s high around 2:00 p.m. There’s then a drop from that high. In the last hour of trading, there’s a drop through support to meet a secondary support level. We then move sideways along that support for a bit and then break back down through multiple support levels into the end of the day. Right around the close, there’s a move to the upside followed by a full retracement. In the post-market, there’s a fast, sudden move to the upside.
There will be multiple headwinds pushing the S&P lower on the 16th.