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August 22, 2023 S&P 500 Predictions and Trades

Updated: Oct 30, 2023

*Accuracy rating update: 100% or 11/11 predictions correct*



  • Day’s Theme: A failed attempt to break through key resistance followed by a decline through key support.


  • Behavior Around the High: A brief peak that’s easily missed followed by a decline through multiple support levels.


  • Behavior Around the Low: The low forms after a decline through multiple support levels.


  • Exclusive Trade Opportunities for Subscribers:

    • An opportunity to close a long position opened the previous day in the first hour and a half.

    • A rally in the last hour offers an opportunity to open a short position. I would close that position after a decline in the same hour. You could open a long position after that decline.



Overview


On the 22nd, in the pre-market, we’ll have sideways rotation along key support. We’ll rise to meet key resistance and then fall back down. Right around the open, there’s a failed attempt to break through key resistance and a decline through key support. There’s a period of volatility in the first half hour and a sharp drop within that volatility. I would close a long position opened the previous day in the first hour and a half.


There’s a rally through a diagonal trend line breaking through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels. That’s followed by more rallying along a diagonal trend line with a sudden move higher followed by a breakdown through that diagonal trend line. We’ll have some back and forth price movement between 1:30 and 3:00. We’ll see a peak or crest and a trough within that price movement. In the last hour, there’s a rally that offers an opportunity to open a short position. That’s followed by a decline around the close where you could close out of that short position. There’s more decline in the post-market.



Sneak Preview


On the 23rd, we’ll open higher.





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