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S&P 500 Predictions for August 24, 2023

Updated: Aug 13, 2023



  • Day’s Theme: A prominent move higher followed by a full retracement of that move back down.


  • Behavior Around the High: Out of a decline, there’s a notable move to the upside to reach the high.


  • Behavior Around the Low: Out of the low, we should see a significant move to the upside that pushes the upper end of a range higher.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a peak where we break through resistance, stay above it briefly, and then break back down shortly thereafter.

    • An opportunity to open a long position in the midst of a decline in the first half hour. You could close that in the midst of a rally around 11:00.



Overview


On the 24th, we may open higher, but we’ll break down shortly after opening. There’s a decline in the first half hour that offers an opportunity to open a long position in the midst of that decline. That’s followed by a sideways-fluctuating rally to the upside where we’ll move into a peak or crest around 11:10. In the midst of that rally, you could close a long position. Between 11:00 and noon, we’ll have a decline followed by a period of volatility that ends with a fast, sudden move higher.


We’ll see a day’s high after that move higher between noon and 1:00. Off of that high, there’s a notable decline through multiple support levels. We’ll have some price swinging as we move toward the close. There’s both a peak and a decline off of that peak around the close. In the post-market, we’ll see a move out of that decline from the bottom of a range to the top of a range.





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