Updated: Aug 29, 2022
We have a big push to the upside, followed by a peak that breaks through resistance and comes back down.
We establish support around the open after a sharp decline. There’s some sideways fluctuation between 9:30am and 10am. Then we have two equal and opposite moves that are big from 10am to 11am. In the next hour we have a sharp downward move through multiple support levels. There’s a U-shaped dip and trade opportunity right around noon to 1pm. Congress is highlighted between 1pm and 2pm, and there is a push higher in the midst of bad news. We likely have something to do with litigation, but we have some volatility that forms due to a Congressional decision from 2pm to 3pm. Then we have a sharp dip within price swings in the last hour of trading. Whatever level we reach at a peak right around the close will not be revisited, and then we will drop. We end a trend near the lows, and we have moves higher within a period of volatility that form highs.
Looking to Tomorrow:
Three failed attempts to break resistance, followed by a sharp decline.