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April 24th, 2023 S&P 500 Predictions

Updated: Mar 13, 2023



  • Day’s Theme: We’ll have the establishment of support and then a notable move to the upside that stands out on a multi-day chart.


  • Behavior Around the High: An important technical price level at the high that’s a good point for a straddle or a strangle.


  • Behavior Around the Low: There’s a trade opportunity at the low to position oneself in both directions. The day’s high and the day’s low are within close proximity to one another.


  • Trade Opportunities:

    • An opportunity to open a long position in the midst of a decline in the last hour.



Overview



On April 24th, in the pre-market we’ll establish support and then have a prominent move higher that stands out on a one-day chart. That move higher takes us to a resistance level right around the open. We’ll have a reversal to the downside from that resistance level. We’ll decline to and through a support level to meet another support level and then rotate sideways along that support. There’s a rally to the upside around 11:00 a.m. That rally’s followed by a decline through multiple support levels in the early afternoon.


There’s a high and a low between noon and 2:00 p.m. In the last hour, we should see a decline amidst erratic behavior back and forth through the same price level. That decline offers an opportunity to open up a long position.


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