Theme:
A prominent decline/
Overview:
There is an important decision or agreement highlighted in the pre-market and we have a move higher to successfully turn resistance into new support right around the open. In the midst of that sideways-s formation, there should be a pop higher and a decline between price levels. Then we have a trade opportunity at an important resistance level between roughly 10am and 11am. We’ll have some sideways movement and some lull in price action. Then it looks like there is a notable decline. In the middle of the day it looks like there is a rally that marks an opportunity to open up a short position. We have a low for the day around 2pm and then there’s a prominent reversal out of that low. There are sideways fluctuations with a bullish trajectory and a notable move to the upside between roughly 2pm and 3pm that has to do with a piece of news that involves Congress. In the last hour, there is a possible holding pattern that fails and is followed by a sharp decline. There is a high correlator in the post-market, so it looks like we have a peak that is an opportunity to play both sides of the market.