Theme:
An important price level is highlighted, generally at resistance. It will be near where multiple lines intersect.
Overview:
We have a high correlator in the pre-market, Congress is highlighted right around the open, and there is a sudden fast move to the downside. It looks like there is possibly a big move higher right around the open, followed by a move downward before noon. There’s a trade opportunity around the open. We test resistance between noon and 2pm, and there is an opportunity in a crest between 1pm and 2pm. There is a rally and a retracement here so there is an opportunity to short. Between 2pm and 3pm we meet a low or an important trough from that retracement. Towards the end of the day, important resistance levels are highlighted. There is another important crest in the post-market.
Around the highs there will be notable rallies increasing in momentum. Around the lows we are going to be revisiting price levels that were old opportunities.
Sneak Preview:
Bumping along resistance at an important price level.
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