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August 21, 2023 S&P 500 Predictions and Trades

Updated: Oct 30, 2023

*Accuracy rating update: 100% or 9/9 predictions correct*



  • Day’s Theme: Some back and forth behavior.


  • Behavior Around the High: We’ll successfully turn resistance into support but that’s somehow made irrelevant.


  • Behavior Around the Low: We’ll have a significant move to the upside out of the low, likely out of oversold territory.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around the halting of a bullish trend marked by a decline through key support.

    • An opportunity to open a long position after we meet a low. I would close that at a crest or peak around 11:15.

    • An opportunity to position oneself in both directions around the close for trades the following day.



Overview


On the 21st, we’ll likely open lower in the pre-market and have some sideways rotation. That sideways rotation will end with a fast, sudden move higher around the open. We’ll go from a low to a high and back to a low in the first half hour. Out of that second low, you could open a long position. Out of that low, we’ll move to the upside into a significant peak or crest around 11:15. You could close that long position at that peak or crest and open a short position. We’ll then sell off through multiple support levels.


We’ll move higher into key resistance around 1:15. We’ll establish support and have a fast, sudden move higher in the last hour. We’ll establish support at a higher level in the last hour. We’ll then fall through resistance and form a low around the close. You can position yourself in both directions around the close. I would close the short position the following day in the morning. I would close the long position later in the day on the 22nd.







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