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August 17, 2023 S&P 500 Predictions and Trades

Updated: Oct 30, 2023





  • Day’s Theme: A rally that offers an opportunity to open a short position or exit a long position.


  • Behavior Around the High: A breakout on a one-day scale.


  • Behavior Around the Low: A pop-and-drop near the low.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around three pokes through the same price level followed by a sharp decline.

    • A trade opportunity in the midst of a sharp drop between 10:00 and 11:00.

    • An opportunity to open a short position in the midst of a pop-and-drop at the end of the day.



Overview


On the 17th, we’ll open lower or decline in the pre-market. Around the open, there’s an opportunity to open a long position for a scalp. There’s a big move to the upside out of the open that increases with momentum as we move forward in time. I would exit that long position before 10:00 or 11:00 at the latest. Between 10:00 and 11:00, there’s a sharp drop in the midst of a period of volatility. There’s a trade opportunity within that drop. We’ll falsely establish support between 11:00 and noon. We’ll have a failed attempt to break through key resistance followed by a decline through key support to take us to a low for the day between 1:00 and 2:00. Out of that low, there’s a significant move to the upside through resistance to make a new high for the day. We’ll break back down shortly thereafter, likely around the close. There’s an opportunity to open a short position in the midst of that pop-and-drop.






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