April 13th, 2023 S&P 500 Predictions

• Day’s Theme: A sideways fluctuating decline sort of energy, however we’ll also have some bullish energy toward the end of the day.

• Behavior Around the High: Either sideways rotation near the high or price swings around the high.

• Behavior Around the Low: There’s a key technical price level around the low.

• Trade Opportunities:

  • An opportunity to open a short position in the morning after we successfully turn resistance into new support.

Overview

On April 13th, we’ll have a rally off a support level along a diagonal trend line in the pre-market that increases with momentum as we move forward in time. That rally ends right around the open where we successfully turn resistance into new support. There’s a trade opportunity here to open a short position. We’ll have sideways fluctuations moving into midday. Around noon, we should be bumping sideways up against resistance and that offers another opportunity to open a short position. We’ll move to the downside off of the high after meeting resistance in the last hour. Congress may be highlighted around the close.

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