Day’s Theme: Nullified.
Behavior Around the High: Nullified.
Behavior Around the Low: An attempt to establish support on a multi-day scale.
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I’m advised to trade around an important technical price level where you could position yourself in both directions.
Overview
On October 31st, there’s a lot of price change covered in the pre-market. We may have a low first thing in the morning. There’s a fast, sudden move higher right around the open and then a period of volatility in the first half hour where we’ll have a fast, sudden move higher marking the end of that volatility. That volatility picks back up again between 10:00 and 11:00 and there’s a sharp drop within that period of volatility between 11:00 and noon. I’d open a long position after that drop. There’s a pop and drop midday and another big move to the upside around 1:15. There’s an important technical price level as resistance between 1:00 and 3:30. I would exit out of the long position at that key resistance level. I’d open a short position in the midst of a fake breakout around 1:15. We’ll meet a brief peak that’s easily missed and then sharply decline through multiple support levels. You could then close out of that short position. There’s sideways rotation and a fast, sudden move higher marking the end of that rotation around the close.
Sneak Preview
We’ll open higher.
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