Day’s Theme: A poke through key resistance and a decline through support, however this is nullified.
Behavior Around the High: The completion of a rally near the high.
Behavior Around the Low: Nullified and difficult to determine.
Exclusive Trade Opportunities for Subscribers:
A move higher between 11:00 and noon possibly offers an opportunity to open a short position or close a long position.
Overview
On October 30th, there’s a move higher in the face of seemingly overwhelming headwinds in the pre-market and a decline around the open. There’s some sideways rotation and a fast, sudden move higher in the first half hour that takes us to an overbought peak or crest between 10:00 and 11:00. We’ll sell off from that peak or crest pretty notably and then have a big move higher between 11:00 and noon. That move higher possibly offers an opportunity to open a short position or close a long position. Off of that peak or crest we’ll sell off down to and through support and then do a U-shaped reversal to come back up and reuse that support level between noon and 2:00. There’s a big move to the upside right around 2:00. That’s followed by a notable decline that starts around 3:00. Around 3:30, there’s another move to the upside into a peak or crest at the end of the day. I would close out of a long position here.
Sneak Preview
A notable move higher and a full retracement back down.
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