Theme:
Could be multiple false highs and lows.
Overview:
We may see a decline to support and we may go through it momentarily. Then we come back above it and rally out of a period of bullish rotation in the first half hour. That rally forms along established support right around the open and we have a bit of a decline. It is the end of a decline marked with a fast, sudden move higher between 10am and 11am. Then we attempt to establish support between 11am and noon. In the following hour, there is a J-shaped dip with an opportunity in it. We have multiple headwinds that push the market down further between 1pm and 2pm. Then we have some sideways fluidity in a tight range. In the last hour, we revisit a crest, and there is an M-shape going above and below a price level. There is an important trade opportunity to start a new position or cash in in the post-market. Around the close there is a big rally that picks up steam.
We are revisiting an opportunity and possibly a false high around the high. At the low, we decline to it from a price that we will not revisit today.
Sneak Preview:
We breakdown through support to reach another and bounce along before breaking down more.