Theme:
A reversal.
Overview:
We have a big push higher out of the open. We meet resistance and then we fall from it in the first half hour with increasing volatility as we move into the first hour. There is a high and a low in there, as well as a reversal right around the open. There is also a trade opportunity right around the open. Congress or a foreign legislative agency is highlighted between roughly 10am and 11am. Then we have another high correlator, so there is a crest between 9:30am and 10am. Between 11am and 12pm there is a prominent drop on the chart. We have some rallying in the following hour along a diagonal trend line that we break down through. We fall farther with increasing volatility as we move forward in time. We meet another day’s tough between 2pm and 2pm. We have a failed attempt to break resistance and we may meet resistance around 2pm. We definitely meet it in the last two hours of the trading day. We fall farther to reach support right around the close. We move sideways and there is a reversal off of the bottom of a range in the post market.
Around the high there is going to be some breakthrough of resistance, meeting another, and then pulling back in between. Around the low there is some erratic back and forth behavior through the same price.
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