Day’s Theme: Three pokes through the same price level followed by a sharp decline after the third poke.
Behavior Around the High: A notable move into the high.
Behavior Around the Low: A rally into key resistance and a drop with lower spikes up on the way down into the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a period of sideways rotation that ends with a fast, sudden move higher.
In the pre-market, there’s a resistance level that’s highlighted. Around the open, there’s a significant move to the downside that will take us to a key support level and a trough. There’s some erratic behavior back and forth through the same price level. We’ll have the establishment of support with some sideways rotation between roughly 10:00 and 11:00. That’s followed by a big move higher between 11:00 and noon taking us to a high. There’s some sideways fluidity between noon and 1:00. A rally into a peak or high starts around 1:00. We’ll have some mixed behavior between 2:00 and 3:00. From there, we’ll have a sharp decline into a low. There’s another move to the upside around the close and a decline into the post-market.
We’ll open lower the following day.