Updated: Sep 27, 2022
*Accuracy rating update: 93% or 12/13 predictions correct*
Day’s theme: A notable decline off of a high.
Behavior around the high: N/A
Behavior around the low: N/A
Trade opportunities: N/A
On August 19th, there’s a notable decline in the pre-market. Right around the open, there’s a big move to the upside to reach a distant resistance level. We attempt to establish support at this new level between roughly 10:00 a.m. and 11:00 a.m., however there is a notable decline between these hours because we fail to establish that support level. Somewhere between 10:00 a.m. and noon, there’s a day’s low where we move sideways along support. Between noon and 1:00 p.m., there’s a notable move to the upside where we successfully turn resistance into a new support level.
Between 1:00 p.m. and 2:00 p.m., there’s a key resistance level that’s highlighted. After a failed attempt to break through that key resistance level, we move lower. We’ll see some volatility between 2:00 p.m. and 3:00 p.m. We then break through that key resistance level in the last hour of trading, and that move will stand out on a one-day chart. There’s a fast, sudden move higher into the close and the completion of a rally right around the close. There will be notable selling down off of that rally into the close and into the post-market.
A lot of movement to the downside either over the weekend or on the 22nd.