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August 23, 2023 S&P 500 Predictions and Trades

Updated: Jul 16, 2023



  • Day’s Theme: Some sort of economic news that comes out right around the open. There’s an agreement between two leaders or a merger.


  • Behavior Around the High: A prominent decline off of the high, but this may be nullified.


  • Behavior Around the Low: A notable fake out around the low.


  • Exclusive Trade Opportunities for Subscribers:

    • A rally in the morning offers an opportunity to open a short position.

    • An opportunity to trade in the morning the following day.



Overview


On the 23rd, there’s a rally in the morning that offers an opportunity to open a short position. We’ll have a pop-and-drop around the open with some sideways rotation and a lot of price change between 10:00 and 11:00. We’ll have a lowest low thus far around that price change. There’s a peak or crest at a key technical price level sometime between 11:00 and noon. Around noon, there’s a sharp drop after three pokes through the same price level. That decline continues through multiple support levels between 1:00 and 2:00. There’s a lot of movement to the upside between 2:00 and 3:00. We’ll then decline through multiple support levels into a key support level at the close where we’ll have a day’s low. There’s a trade opportunity in the morning the following day.



Sneak Preview


We’ll likely open lower on the 24th.





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