Updated: Sep 5, 2022
Sideways rotation along support, crossed with multiple headwinds.
The prior day we had a piece of news that came out that was really significant at the end of the day. It had something to do with an agreement between two leaders or some sort of decision between them and it impacted us overnight with a decline or low in the pre-market and a trade opportunity within the first half hour. At the open and in the first half hour it looks like there is a fast sudden move higher to meet resistance and a possible crest. We have a decline into the open followed by a sudden move higher and then we climb back down to whatever level we turned around and moved higher from.
We have the Unicursal Hexagram card, which is generally one to be wary of because it speaks of a notable decline on a one-day chart. We have a trade opportunity in the morning that is a scalp to buy and sell calls. Then there is another opportunity to sell puts in the midst of a decline. It is sideways fluctuation with a bearish trend, and that is between roughly 10am and 11am. Then there is a notable decline to meet support, which is a cash-in opportunity. This looks like it is between roughly 1pm and 3pm. There is a sudden dip within a period of sideways movement that takes place right around the 2pm to 3pm hour. Then we sell from an overbought territory and we likely have a bit of a move higher at the end of the day, followed by selling into overbought territory. We seem range bound in the post-market.