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August 18, 2023 S&P 500 Predictions and Trades

Updated: Oct 30, 2023




  • Day’s Theme: A pretty mixed day overall with at least two notable reversals that will stand out.


  • Behavior Around the High: Sideways rotation along key support around the high.


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


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a brief peak where we’ll break through resistance momentarily and then break back down through the same price level.

    • An opportunity to open a long position after dropping into a low between 11:00 and noon.



Overview


On the 18th, there’s a decline in the pre-market. We’ll then rally into the open. We’ll meet a key technical price level in the first half hour. From that, we’ll decline pretty notably into a volatile period between 10:00 and 11:00. There’s a sharp drop that will stand out and we’ll have a first day’s low between 11:00 and noon. There’s an opportunity to open a long position at that low. There’s a significant move to the upside out of that low and a high that forms around 1:15. We’ll then have a full retracement of that move higher back to the downside around 2:00. We’ll continue to move to the downside in the midst of some price swings in the last hour. We’ll move down to revisit a key support level in a period of sideways rotation around the close.



Sneak Preview


We’ll likely open lower on the next trading day.






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