Day’s Theme: A decline from a crest or peak through multiple support levels, however that behavior is somehow nullified.
Behavior Around the High: A decline down to and through support to meet a second support and then break down through more support levels out of the high.
Behavior Around the Low: Sideways rotation around support and then a big move higher out of support, however that behavior is somehow nullified.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around an important range on a multi-day scale.
An opportunity to open a short position for a day trade in the first half hour and close it around 1:15. You could also hold it overnight.
Overview
In the pre-market, there’s a rally that ends with the halting of a bullish trend marked by a sharp decline through key support. There’s a high either around the open or in the first half hour. I would open a partial short position there. We’ll have a full retracement back down after a move higher. We may move to the upside again before 10:00. There’s a trough around 10:30/10:40. We’ll probably have a notable move to the upside out of that trough followed by a notable move back down around noon. There’s volatility between noon and 1:00 that ends with a fast, sudden move higher. There’s then a sideways-fluctuating decline that precedes a rally. That will take us to a trade opportunity between 1:00 and 2:00. There will be bullish price swings between 2:00 and 3:00 before a notable move to the downside. That’s followed by sideways rotation along key support in the last hour. If there’s a move higher around the close, you could open up the other 50% of that short position.