Month’s Theme: A significant amount of sideways rotation along a key support level on a multi-day scale.
Behavior Around the High: A breakout around the high.
Behavior Around the Low: We’ll likely visit the low more than once. We’ll probably have a big rally off of the low and then drop back down shortly thereafter.
Overview
On the 1st, there is an attempt to establish support on a multi-day scale. It looks like there’s a notable fake out/shake out near the high.
The market is closed on the 4th. On the 5th, there’s another notable fake out/shake out and a significant decline that will take us into a low at the end of the day on the 5th or early in the day on the 6th. On the 7th, there’s a trade opportunity. Toward the end of the day, we’ll sell from an overbought crest or peak. On the 8th, there’s a significant trough and a trade opportunity.
On the 11th, there’s a gap down with a big move to the upside. Off of a peak or crest midday, we’ll gap down through multiple support levels into the 12th. There’s also a significant gap down the night of the 12th into the 13th. We may see a lowest low again here at a trough. We’ll probably have a period of sideways rotation from the 13th into the 14th. Within that sideways rotation there’s a sharp drop that will stand out on a one-day chart to take us into a trough. On the 15th, there’s an unexpected move and probably a lot of price change back and forth.
On the 18th, there’s an important technical price level. On the 19th, we’ll have a prominent move higher through key resistance and could have a new local high. We’ll have a significant move to the downside into a trough on the cusp of the 19th/20th. On the 20th, there’s a fast, sudden move higher. On the 21st, there’s sideways rotation along key support where we’ll then rise to meet the nearest key resistance and then fall back down to continue rotating along key support. On the *22nd, there’s a pop and drop with a big move into a midday peak or crest and a drop off of that.
Over the weekend, there’s a rally along a diagonal trend line taking us to a peak or crest midday on the 25th. We’ll then decline through that diagonal trend line with increasing volatility on the way down. There’s likely a prominent trough or low early in the day on the 26th. We’ll then have a significant reversal with a big move to the upside on the 27th. A lot of ground is covered on the 27th with a peak or crest at the end of the day. On the 28th, there’s a move to the upside and a crest early in the day, however I’m advised not to chase that rally. There’s a prominent trough later in the day on the 28th. There’s a breakout to a highest high for the month on the 29th.
Sneak Preview
An important support level is established that can be relied upon at least momentarily.
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