Day’s Theme: We’ll most likely have a highest high for the month.
Behavior Around the High: A sideways-fluctuating rally into the high that precedes a decline.
Behavior Around the Low: A notable move out of the low where we’ll successfully turn resistance into new support.
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I’m advised to trade around a fast, sudden move higher.
Overview
On September 21st, there’s a high and a sideways S-formation within a channel in the pre-market. Right around the open, there’s an important resistance level highlighted and a trade opportunity at a high. There’s some sideways rotation along key support in the first half hour followed by a big push to the upside. We’ll push the upper end of a range higher between 10:00 and 11:00 where we revisit a crest that was recently an opportunity. I would exit any long positions you’ve been holding at that crest. We’ll fail to break through a resistance level between 11:00 and noon and we’ll decline into a low. There’s a sharp drop within a period of volatility between 1:00 and 2:00. We may see a peak or crest between 2:00 and 3:00, however there’s a notable decline into a trough in the last hour. We may see another move to the upside at the end of the day.
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