Day’s Theme: A notable move to the upside followed by a move back down with a pop and drop.
Behavior Around the High: A fast, sudden move higher into the high.
Behavior Around the Low: A sharp drop into the low.
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Overview
On September 7th, we have an important technical price level highlighted on at least a one-month scale in the pre-market. Between 10:00 and 11:00, we’ll have sideways rotation. In the midst of that, we’ll rise to meet the nearest resistance, fall back down, and then continue rotating. Between 11:00 and noon, we’ll revisit a support level that we met once before. Out of a decline midday, there’s a big move to the upside that will stand out. We’ll have some negative headwinds that might lead us to believe we’ll go lower but we’ll move higher into a peak or crest around 1:00 or 2:00 after that decline. We’ll decline off of that peak or crest and then do a U-shaped reversal below that support and then come back to reuse it as support. In the last hour, there’s a period of volatility with a fast, sudden move higher marking the end of that volatility. There’s an important trough around the close and then out of that there’s another move to the upside.
Sneak Preview
We’ll likely open around the same price level on the 8th.
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