Day’s Theme: A notable move to the upside and mixed behavior.
Behavior Around the High: Nullified behavior that’s difficult to determine.
Behavior Around the Low: A decline to and through support to meet a second support. We’ll bounce along that support for a bit before breaking down to a second support.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a break through resistance followed by a break back down shortly thereafter.
A low between 10:00 and noon offers an opportunity to open a long position. I would close that in the midst of a rally between 1:00 and 2:00.
An opportunity to open a short position in the last hour and close it around the close after a decline.
In the pre-market, we’ll see a decline into a trough. Around the open, there’s a rally that increases with momentum moving forward in time. We’ll probably push the upper end of a range higher. That’s followed by a break back down and we’ll see a low somewhere between 10:00 and noon. That low offers an opportunity to open a long position. There’s some back and forth behavior within a channel around that time. We’ll then see some price swings that turn into a rally between roughly 1:00 and 2:00. I would close the long position in the midst of that rally. That rally is halted by a decline through key support that takes place between roughly 2:00 and 3:00. There’s a trade opportunity to open a short position before a prominent move higher in the last hour followed by a full retracement of that move back down. We’ll decline into the close or into the post-market.