Day’s Theme: A rally that offers an opportunity to open a short position.
Behavior Around the High: A steep decline off of the high.
Behavior Around the Low: We’re bound by the bottom end of a range.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a support level that we recently met once before.
Overview
On September 14th, we’ll likely open lower in the pre-market. There’s likely some tricky chart behavior in the pre-market and we’ll have a big move to the downside into the open to meet a key support level. We’ll then rise to meet the nearest resistance and then fall back down to continue rotating sideways. There’s a notable move into a peak or crest around 10:00. We’ll decline into a trough around 10:45. Out of that, we’ll move to the upside from the bottom of a range to the top of a range.
There’s another sharp decline between 1:00 and 2:00. There’s a move to the upside breaking through horizontal resistance to meet a secondary resistance around 2:15. That move is an opportunity to open a short position for a scalp. We’ll then move back down with a full retracement. Toward the end of the day, we’ll decline pretty notably. That decline offers an opportunity to close the short position and open a long position for an overnight swing trade. There’s some mixed behavior into the close and in the post-market.
Sneak Preview
On September 15th, we’ll likely open higher.
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