*Accuracy rating update: 89% or 8/9 predictions correct*
Day’s theme: Something significant with congress is highlighted.
Behavior around the high: N/A
Behavior around the low: N/A
Trade opportunities:
A move to the downside between roughly 1:00 p.m. and 2:00 p.m. that offers an opportunity to open up a long position.
There’s a day trade opportunity in the midst of establishing support toward the end of the day.
Overview:
On November 22nd, we’ll gap down in the pre-market. Right around the open, there’s a fast, sudden move to the upside and a decline after a failed attempt to break through key resistance in the first hour and a half. We sell down to a day’s low a bit before noon. We’ll then rally to the upside out of that low and meet the upper end of a range midday. There’s a decline out of a high between roughly 1:00 p.m. and 2:00 p.m. That move to the downside offers an opportunity to open up a long position. There’s a significant resistance level highlighted toward the end of the day. We establish support temporarily and there’s a day trade opportunity around that time. There’s a reversal around the close and a sharp decline through multiple support levels in the post-market.
Sneak preview:
We open lower on the 23rd.
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