Theme:
Sideways-S formation between resistance and support. We have a decline to support, back up to resistance, and then back down to the same support.
Overview:
It looks like we have a high correlator first thing in the morning and an opportunity to open up some protection right around the open. There is a notable trade opportunity there in the first half hour, and then we have increasing volatility as we move forward throughout the hour of 10am to 11am. We drop down through support to meet secondary support and a day’s low. We move sideways along that support level between 11am and noon. There is a bit of a rally off of that support and then we decline midday. We revisit a past problem here, and then there is selling from a crest between roughly 1pm and 2pm. Around the 2pm mark, it looks like we have a bit of a move to the upside along a diagonal trend line but then we break down through that quickly with increasing volatility off of a day’s high. There is a fast, sudden move higher in the last hour, with a reversal right around the close. There is also a selling from overbought territory in the post-market.
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