*Accuracy rating update: 93% or 13/14 predictions correct*
Day’s theme: A rally that increases with momentum moving forward into the day.
Behavior around the high: Sideways rotation along a support level, and there’s a fast, sudden move higher marking the end of that period of rotation.
Behavior around the low: Congress should be highlighted near the low. There may also be a big move higher followed by a full retracement.
Trade opportunities: N/A
Overview:
On November 18th, we rally to a key resistance level and then decline from that resistance level with consecutively lower spikes up on the way down in the pre-market. There looks to be a rally out of the open with a pretty fast move to the upside where we’ll see a day’s high. I’m advised to be cautious around the open. We break through resistance and then we break back down through that same price level shortly thereafter. There’s a day’s low toward the end of the morning or midday. There’s a big decline around noon after a failed attempt to break through resistance followed by a decline through support.
Between roughly noon and 1:00 p.m., we move higher and push the upper end of a range higher, and then a rally that increases with momentum moving into the 2:00 p.m. hour. We come up against the upper end of a range between roughly 2:00 p.m. and 3:00 p.m. There’s a bullish trend in the last hour. Right around the close, we have multiple failed attempts to break through key resistance. There’s an important price level highlighted in the post-market where volume starts to wane.
Sneak preview:
On the 21st, it looks like a rally breaks down through a diagonal trend line.
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