Month’s Theme: We’ll push the upper end of a range higher.
Behavior Around the High: Sideways rotation along key support.
Behavior Around the Low: We’ll decline to and through support and then rotate along that support.
Overview
On the 1st, we’ll have a rally that offers a trade opportunity. On the 2nd, there’s a period of volatility and a sharp drop within that period of volatility. On the 3rd, there’s a move higher out of that drop and into a peak or crest. That’s followed by a decline off of that peak or crest into the 4th where we’ll see a trough early in the day. On the 5th, there’s a period of volatility and a trough. There’s a fast, sudden move higher that ends that period of volatility. On the 6th, we may have a lowest low for the month toward the end of the day. On the 7th, we have an important resistance level where volume or volatility flattens out.
On the 8th, there’s a peak or crest and a significant decline off of that through multiple support levels. On the 9th, we’ll have multiple failed attempts to break through key resistance and a pop at the end of the day. On the 10th, there’s a decline that ends with a fast, sudden move higher. On the 11th, we’ll have a prominent trough that stands out. On the 12th, out of that trough there’s a rally along a horizontal resistance to meet a secondary resistance and then we’ll pull back to somewhere between those two price levels. On the 13th, there’s a failed attempt to break through key resistance and then a decline through key support. That takes us into another trough on the 14th, out of which there’s a significant move to the upside. We’ll then successfully turn resistance into new support.
On the 15th, we have a failed attempt to break through key resistance followed by a decline through key support. On the 16th, we’ll establish support with some sideways rotation along a key support level. We’ll then move significantly higher followed by more sideways rotation. On the 17th, we’ll have a peak or crest that will stand out on a multi-day scale. There’s then a sharp drop out of that peak or crest. On the 18th, there’s a rally that increases with momentum moving forward in time. There’s a peak at the end of the day. There’s a significant resistance level on the 19th with a trough at the end of the day. There’s a move to the upside out of that trough. There’s a peak or crest at the end of the day on the 20th. We’ll probably see three pokes through the same price level between the 20th and 21st.
On the 22nd, there’s an important support level on at least a one-year scale. There’s a peak or crest at the end of the day. We’re bound by an important range on the 23rd. On the 24th, there’s sideways rotation followed by a fast, sudden move higher. On the 25th, we’ll have a near overbought crest or peak that we’ll sell off pretty notably on the cusp of the 25th/26th. On the 26th, we have a move higher through resistance and then we’ll break back down shortly thereafter with a full retracement. On the 27th, we’ll move higher reaching for a distant resistance. On the 28th, we’ll break through resistance and bump along resistance, possibly multiple times. On the 29th, there’s a significant move to the upside. On the 30th, there’s an important trough that will stand out and sideways rotation along key support increasing with bullish momentum as we move forward in time. That takes us into what’s possibly the highest high for the month on the 31st with more sideways rotation along key support.
Sneak Preview
We may have a highest high for the year in September.
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