Tuesday Intraday Pattern based on FOMC weeks for 12/13 QQQ
I'm not sure what to make of today's pattern given the huge surge in volume following the CPI data. Still when the market has a huge rise in pre-market, it is usually followed by intra-day action with a steady decline but not retracing to lows. So this pattern may still be valid.
Note a steady drop with some good volatility opportunities in the morning, with a descent until 12:45 PM. Choppy action until 2:40 PM, followed by a slight increase and some flat action until close.
This pattern was built by looking at all the Tuesdays that fell on a FOMC week during the past year. I used a flat average for all weeks except for the last three weeks. Then I used a moving weighted average of 15% of the last three weeks to build this model.
Note a steady drop with some good volatility opportunities in the morning, with a descent until 12:45 PM. Choppy action until 2:40 PM, followed by a slight increase and some flat action until close.
This pattern was built by looking at all the Tuesdays that fell on a FOMC week during the past year. I used a flat average for all weeks except for the last three weeks. Then I used a moving weighted average of 15% of the last three weeks to build this model.