The daily shows price still moving in the right direction with resistance right where it sits, near 29,560, and a potential double bottom under it. The one hour tells the overnight story: price opened below the VWAP, ran up, consolidated, popped back over the VWAP, and is now back below it. Yesterday's levels are still on the chart, and on the one hour the shape reads as a double top, with price consolidating inside a single one hour candle. Support sits at 29,531.
On the five minute, the bull flag Ron waited for on Sunday never came until much later, and the read now leans toward continuation to the downside. A ray drawn off the highs marks the path.
This is trading education, not a signal or a promise.
The plan
Between now and 9:30 the market normally gives a small pop, so the first look is a retest of 29,569. Break it and the next stop is the trend line, where a rejection sends price back down. Fail here instead, and price revisits 29,531. Both branches were on the chart before the session.
In the video
- 0:00Labor Day open: futures close at 1:00 PM ET, no news
- 0:17The daily: bullish candle, resistance near 29,560, potential double bottom
- 0:53The one hour: below the VWAP, the pop, back under it
- 1:15Yesterday's levels, the double top, support at 29,531
- 1:34The five minute: the bull flag that never came, drawing the ray
- 2:13The plan: retest 29,569, the trend line, or back to 29,531
- 2:40Questions go to ciycapital.com
Short clips from this prep
- The double bottom Ron sees on the daily into Labor Day
- Retest 29,569 or fall back to 29,531: the Labor Day plan
- A double top on the one hour, support at 29,531
- A double top on the one hour, support at 29,531
- The double bottom Ron sees on the daily into Labor Day
- Retest 29,569 or fall back to 29,531: the Labor Day plan
The prep is free every trading morning before the open. Get it here.
Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.