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August 1, 2023 S&P 500 Predictions and Trades

Updated: Oct 29, 2023

*Accuracy rating update: 100%, 10/10 predictions correct*




  • Day’s Theme: Multiple false tops and bottoms and some sideways rotation with tricky chart behavior.


  • Behavior Around the High: A brief peak that’s easily missed followed by a decline through multiple support levels.


  • Behavior Around the Low: A sharp decline midday down to and through support to meet a second support level and then we’ll rotate along support. This behavior is somehow nullified, however.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around the halting of a bullish trend marked by a sharp decline through key support.

    • An opportunity to open a short position for a quick scalp before a decline around 10:40.



Overview


On the 1st, there’s some mixed behavior in the pre-market and into the first half hour. There’s an opportunity to open a long position after the halting of a rally and a decline out of the open. There’s three pokes through the same price level and a sharp drop after the third poke around 10:40. You could open a short position for a quick scalp at that crest before the decline. There’s a U-shaped dip and a big push to the upside midday out of a low. That move continues into a crest or peak around 2:00. That’s probably a high for the day.


There’s a lot of decline off of that crest or peak around 2:00 or 3:00. We’ll meet support and then do a U-shaped dip below and come back up to reuse it as support. We’ll rotate sideways along an important technical price level and bump back and forth between support and resistance in the last hour. We’ll rise to meet key resistance around the close. We’ll then decline off of that key resistance through support with a decline in the post-market or a gap down overnight.



Sneak Preview


We’ll open notably lower the following day.







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