Historically, Fridays are a ranging market. This pattern is very different from the Holiday Weekend Friday pattern we had on July 1st - that is stored as a special holiday pattern. I look for tomorrow to resume a RANGED structure. Looks like there could be a big move in the morning (either up or down) and then reversal with somewhat flat movement into the close. Look for RANGE strategies to succeed.
This model excludes July 1st data, as that was a holiday weekend. That pattern is separate.
This model excludes July 1st data, as that was a holiday weekend. That pattern is separate.
Trade closed: target reached:
Today shows how the power of the model, even when it isn't a match. Today's model actually warned of the early drop at 1135. If you look at the actual data, you will also see that the model is almost of the actual data. This is also a feature of the models that I have observed over time. The swing points remain the same, but the action is reversed. Finally you will see that the model and end of day to close are pretty spot on--which is a feature of Fridays, to flatten out to close.
I have updated the model with today's actual data and posted the newly revised model.
I have updated the model with today's actual data and posted the newly revised model.