Month’s Theme: Out of a decline, there’s a significant move from the bottom of a range to the top of a range.
Behavior Around the High: A rally along a diagonal trend line breaking through horizontal resistance to meet a second resistance level and then pull back to somewhere between those two price levels.
Behavior Around the Low: A range on a one-year scale highlighted
Overview
On the 1st, there’s a key technical resistance level highlighted.
The market is closed on the 4th. On the 5th, there’s a peak that goes through a resistance level. We’ll stay above it briefly and then break back down shortly thereafter. On the 6th, we have sideways rotation that ends with a fast, sudden move higher. On the 7th, there’s a brief peak that’s easily missed followed by a decline through multiple support levels. We’ll decline into a trough on the 8th. There’s some sideways fluidity on the 8th as well.
There’s a decline throughout the 11th into a trough on the cusp of the 11th/12th. A period of volatility on the 12th ends with a fast, sudden move higher. On the 13th, we’ll attempt to establish support at another low. There’s also sideways rotation on the 13th. On the 14th, there’s a prominent crest or peak. On the 15th, we’ll meet a support level that we recently met once before.
On the 18th, there’s a notable move higher and a peak or crest at the end of the day. On the 19th, there’s a period of volatility and a sharp drop in the early afternoon. On the 20th, there’s a crest or peak that we sell off from down to and through support. We’ll do a U-shaped reversal and then come back up to reuse it as support. On the 21st, there’s a pop into a peak or crest. There’s a notable decline into what may be the lowest low on the 22nd. There’s a reversal to the upside off of that low from the bottom of a range to the top of a range.
On the 25th, there’s a peak or crest and a failed attempt to break through key resistance. That’s followed by a decline through key support. On the 26th, we have a move higher through resistance, stay above it briefly, and then break back down shortly thereafter. We’ll sell off of a crest into a trough on the 27th. We’ll also have a big move to the upside at the end of the day. The morning of the 28th, there’s a gap up into a peak or crest and then sell off through multiple support levels. We’ll rally to the upside and reach for distant resistance on the 29th.
Sneak Preview
We’ll meet an important resistance level, poke through it three times, and then decline through multiple support levels.
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