Day’s Theme: A notable move higher, even in the face of seemingly overwhelming headwinds.
Behavior Around the High: Successfully turning resistance into support and have sideways rotation at that new support level around the high.
Behavior Around the Low: A sharp drop within a period of sideways rotation.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around an overbought peak or crest that we’ll sell off from.
An opportunity to open a short position for a day trade at a brief peak that’s easily missed between 10:00 and 11:00. You could close that at a trough around 1:00.
Overview
There’s a prominent move to the upside around the open followed by a full retracement back down. We’ll then have a big move to the upside out of that low pushing the upper end of a range higher. That move continues unexpectedly and then we reach a brief peak that’s easily missed between 10:00 and 11:00. That peak offers an opportunity to open a short position. There’s then a notable decline into a trough around 11:00. There’s a big move to the upside out of that trough. There’s a decline around midday into another low for the day between noon and 2:00. We’ll then have some mixed behavior and a notable move to the upside out of the previously mentioned low between 2:00 and 3:00. That rally ends between 3:00 and 4:00. There’s some bearish behavior and then we’ll rally again into the close.
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