This is the QQQ "Normal Mondays" pattern projecting for 12/19/22. It is a moving weighted average of the Monday Intra-day movement, smoothing out FOMC and Holidays for the past year. The pattern is substantially different from FOMC Mondays.
Some important notes: 1) On Friday, we saw a pattern break on moving weighted average trend following the FOMC announcements. This could mean that a new intra-day pattern is forming.
2) Watch for a pattern break in the morning and in the afternoon. If it isn't trending then a new pattern may be on the horizon.
3) If a new pattern is formed, I will either weight this week more heavily into the existing pattern, or build an entirely new model.
Cheers!
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10:48 AM EST 12.19.22 We have a clear pattern break, and it appears to be a reversal of the key pivot points. I look for another drop at 1PM, and instead of a steady decline, a possible steady rise into the afternoon at 3:00 PM