Day’s Theme: A decline to revisit a recently met support level.
Behavior Around the High: Multiple failed attempts to break through key resistance.
Behavior Around the Low: A decline increasing with momentum into the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around three crisscrosses back and forth through the same price level.
An opportunity to open a short position at a high at the end of the day to close the following morning.
In the pre-market, there’s a notable move to the upside. That rally ends around the open when we have a sharp decline through support. In the first half hour, we’ll bump sideways along resistance. Between 10:00 and 11:00, there’s a failed attempt to break through that resistance and a decline through support. Between 11:00 and noon, there’s a move to the upside followed by some sideways rotation. There’s a decline that starts around 12:30-12:40. There’s a U-shaped dip that forms when we move back to the upside between 1:00 and 2:00. That’s followed by a period of sideways rotation with a fast, sudden move higher ending that sideways rotation. In the last two hours of trading, we’ll see a low followed by a notable move to the upside in the last hour. You could open a short position at that high to close the next morning.
We’ll likely open lower.