81% (9 correct statements out of 11 statements.)
Extreme greed and the absence of reason are the theme for today. Sideways bullish price swings are exhibited in the pre market. Right around the open the completion of a bullish trend is marked by a sharp decline through support. Between the open and roughly 10:00 AM I am presented with an opportunity to open bullish positions while the market is still fearful. Within the same first half hour of trading there is a sudden and notable move higher leading to 3 failed attempts at breaking through resistance line around approximately 10:00 AM through 11:00 AM. A small period of [flat sideways movement on low volume] AND/OR [a sharp decline] takes place between roughly 11:00 AM and 1:00 PM. With the sharpest part of this decline leaning towards the 1:00 PM mark. Between roughly 1:00 PM and 2:00 PM another day's [crest] AND/OR [high] forms between approximately 1:00 PM and 2:00 PM when there's another sudden and strong move higher out of a sharp decline. Congress is also highlighted around this time. Between roughly 1:00 PM and 3:00 PM there is [a bullish rotation] AND/OR [a holding pattern] as investors wait for congress to make a resolution. Positive economic data is also highlighted around this time. In the last hour of trading an important milestone is [reached] AND/OR [confirmation of the bullish trend is exhibited] when sideways movement crosses the same support resistance line 3 times. Right around the close I am presented with an opportunity to take a balanced strategy through opening and closing positions, through hedging or through certain options strategies. In the post market a move higher transitions into bearish rotation. Also of note is that the highs and lows of the day transpire roughly within the same hour of each other in both cases. There will be a full retracement from a low to a high and vice versa ending the day at roughly the same levels as where it started. Get the full report a day in advance as a free member of www.tarotfortraders.com.
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