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August 10, 2023 S&P 500 Predictions and Trades

Updated: Oct 29, 2023

*Accuracy rating update: 100% or 8/8 predictions correct*



  • Day’s Theme: A notable decline on a multi-day scale.


  • Behavior Around the High: A significant trade opportunity around the high


  • Behavior Around the Low: Nullified (irrelevant) behavior around the low.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a key resistance level where volume flattens out.

    • A decline around 10:00 or 11:00 that offers an opportunity to open a long position or close a short position.



Overview


On the 10th, we’ll open higher in the pre-market and then decline with increasing momentum as we move into the open. We’ll attempt to establish support around the open at a day’s low. There’s a big move to the upside out of that low, likely around 9:35 or 9:40. That move higher turns into a decline where we’ll decline through a support to meet a second support level and then rotate along that support somewhere between 10:00 and 11:00. That decline to support offers an opportunity to close a short position or open a long position.


There’s a notable amount of bullish behavior midday or until 1:00. There’s a decline off of a peak or crest in the last hour down to and through support. There’s a U-shaped reversal below that support and then we come back up to reuse it as support.



Sneak Preview


There’s likely a gap down on the 11th after a failed attempt to break through key resistance.






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