Month’s Theme: A prominent move to the upside through key resistance followed by a full retracement. That’s crossed with an attempt to establish support.
Behavior Around the High: A decline off of the high down to and through support to meet a secondary support.
Behavior Around the Low: A prominent move to the upside that will stand out on at least a one-month chart.
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An opportunity to open a long position on the 6th after a decline to support. I would sell that when we hit a peak or crest on the 10th.
Overview
There’s a sideways-fluctuating rally on the 3rd as well and a trade toward the end of the day. The market is closed on the 4th. On the 5th, there’s a notable price swing and a pop and drop. On the 6th, there’s a decline that takes us down to a support level we recently visited. I would use that support level as an entry point to open a long position. On the 7th, we’ll have a trough at the beginning of the day.
On the 10th, there’s a pretty big gap up early in the day. I would sell the long position opened on the 6th when we hit a peak or crest after gapping up. We’ll then sell off from a peak or crest pretty notably down to an important price level on a multi-day scale. We’ll have a gap up early on the 11th followed by a sharp decline late in the day that takes us into a trough on the 12th. That’s followed by a big move to the upside early afternoon. On the 13th, we’ll have a sharp drop to a key support level early in the day. There’s a rally from there into the 14th and into the end of the week with a prominent move higher.
After the weekend, we’ll see a full retracement back down on the 17th into a trough. There’s an opportunity to close a short position within that trough. That decline ends with a fast, sudden move higher that either takes place at the end of the day or on the 18th. On the 18th, we’ll have sideways rotation along key support and a big move to the upside standing out on a multi-day chart. We’ll hit key resistance midday on the 19th. We’ll break down from that resistance with consecutively lower spikes up on the way down. We’ll probably see a gap down on the 20th followed by the establishment of support with a move higher. We’ll then have more sideways rotation at a higher support level. That’s followed by another gap down on the 21st. We’ll then have a big move out of that low either over the weekend or at the end of the day on the 21st.
We’ll decline with a lot of price change on the 24th. On the 25th, there’s a decline to and through support into a trough. We’ll meet a secondary support and then rotate sideways along that level. We’ll gap up on the 26th into a prominent crest and then sell down to and through support on a multi-day scale. We’ll then do a U-shaped reversal below that key support and then come back up and reuse it as support. There’s a prominent move to the upside and a speech that can be trusted on the 26th. On the 27th, there’s a key resistance level highlighted. We’ll see a highest high somewhere between the 26th and 27th or on the 31st. There’s a trough on and a prominent, unexpected move on the 28th. That will take us into a peak or crest on the 31st that we’ll likely sell off from.
Sneak Preview
In August, we’ll see a rally along a diagonal trend line that breaks through horizontal resistance to meet secondary resistance and then we’ll pull back to somewhere between those two price levels.
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