Theme:
Multiple false bottoms and we drop. We return to where we drop, so it is a bit of a fakeout.
Overview:
We have an opportunity here, and a decline from the pre-market. We continue downward, and it looks like we reach support in the late morning. We turn around and move higher. There is a trade opportunity in there for sure. It looks like there is a U-shaped dip right around the open and lots of price swings. There is a sideways move in the first half hour and a day’s high between 10am and 11am. Congress is highlighted and there is an agreement around a low that may happen in the first half hour. So we go from a low in the morning to a crest, and then it looks like we drop back down between roughly 11am and noon. This is where I will be getting out of my puts that I have been holding for several days.
We have a move higher off of support, roughly between the 1pm and 2pm hour. There is a U-shaped dip in the midst of that rally, and then we have something regarding Congress. Something that was hidden comes to light and there is another day’s high, a crest here between 2pm and 3pm. We have a push higher and there is some sideways fluctuation with the downward trend. In the last hour we have a fast, sudden move higher and there is some profit-taking in overbought territory. This is an opportunity for me to open positions in the morning. Also, between 11am and noon there is a failed attempt to break resistance and a decline that highlights something that will go on in the following day. This is a big day for Congress, both near the highs and the lows.
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