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August 2, 2023 S&P 500 Predictions and Trades

Updated: Oct 29, 2023

*Accuracy rating update: 10/11, 91% correct*



  • Day’s Theme: A period of a sideways rotation in which we’ll establish support and then a prominent move higher standing out on a multi-day scale.


  • Behavior Around the High: There’s a sharp drop off of the high through multiple support levels.


  • Behavior Around the Low: A period of sideways rotation around the low that ends with a fast, sudden move higher.


  • Exclusive Trade Opportunities for Subscribers:

    • There’s an opportunity to open a long position in the midst of a trough midday.

    • An opportunity to open a short position at the close in the midst of a high.



Overview


On the 2nd, we’ll have a sharp drop in the pre-market to a key support level. Off of that support, there’s a fast, sudden move higher that will stand out on a one-day chart that takes us to a high in the first half hour. We’ll fall from that high and attempt to establish support around 12:45. There’s a trade opportunity to open a long position in the midst of a trough. There’s a significant move higher out of that trough midday. That’s followed by sideways rotation near a crest or peak, however I’m advised to be cautious here due to a lot of price change. There’s some sideways rotation between 1:00 and 2:00. That’s followed by the halting of a bullish trend marked by a sharp decline through key support. Out of that drop, there’s a prominent move higher standing out on a one-day chart followed by a retracement and a move back down. There’s likely a high at the end of the day. There’s some sideways behavior along key support around the close. I’m advised to open a short position at the close in the midst of a high.



Sneak Preview


We’ll open slightly higher and that’s followed by a sharp decline in the pre-market.







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