Day’s Theme: A big move higher out of a decline in the face of seemingly overwhelming headwinds.
Behavior Around the High: A decline to and through support to meet a second support that we’ll bounce along sideways and then break down through multiple supports off of the high. This is somehow nullified or made irrelevant, however.
Behavior Around the Low: A breakout on a one-day scale out of the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around three crisscrosses back and forth through the same price level.
An opportunity to open a long position after a decline midday. I would close that long position at a day’s high around 3:00.
An opportunity to open a short position in anticipation of a decline the following day.
Overview
On September 27th, we’ll move higher through resistance, stay above it briefly, and then break back down through the same price level in the pre-market. There’s a move higher around the open where we’ll turn resistance into new support. We’ll then decline from that resistance with consecutively lower spikes up on the way down into a low in the first hour and a half. Around 10:45, there’s a big move higher followed by another decline to and through support to meet a second support level.
There’s a big move to the downside into a trough around roughly noon or 12:30. That decline offers an opportunity to open a long position. There’s then a rally out of that trough into a horizontal resistance to meet a secondary resistance level and then pull back to somewhere between those two price levels. There’s an attempt to establish support at a higher price level between roughly 1:00 and 2:00. Between 2:00 and 3:00, there’s a sideways-fluctuating rally that precedes a decline. There’s a high around 3:00 that offers an opportunity to close a long position. There’s a notable decline in the last hour with the possibility of a big move higher reaching for distant resistance right around the close. There’s an opportunity to short position in anticipation of a decline the following day.
Sneak Preview
We’ll open significantly lower the following day.
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