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August 11, 2023 S&P 500 Predictions and Trades

Updated: Oct 29, 2023

*Accuracy rating update: 100% or 12/12 predictions correct*



  • Day’s Theme: A sideways-fluctuating decline that precedes a rally.


  • Behavior Around the High: Not specified.


  • Behavior Around the Low: Not specified.


  • Exclusive Trade Opportunities for Subscribers:

    • An opportunity to open a long position in the midst of a decline in the morning. You could close that long position around 10:00.

    • An opportunity to open a short position at a crest or peak around 10:00. You could close that within a trough around 1:00.

    • I would open up some protection after a prominent move higher around the close.



Overview


On the 11th, we’ll open significantly lower and have a move to the downside into a low around the open. We may have a bit more decline out of the open but that will turn into a rally to the upside around 9:45 or 9:50. Around 10:00, we’ll have another move to the downside off of a peak or crest. There’s a low between 10:00 and 11:00. Between 11:00 and noon, there’s a move to the upside where we break through resistance and then we’ll break back down shortly thereafter into another low. There’s a trough around 1:00 and a trade opportunity within that trough. Out of that trough, there’s a rally along a diagonal trend line where we break through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels around 1:00 or 2:00.


We’ll move into another high for the day between 2:00 and 3:00. There’s a notable reversal where we’ll fail to break through key resistance and then decline through key support. There’s another prominent move higher in the last half hour and into the close. That presents a good opportunity to get into a short position.






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