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August 29, 2023 S&P 500 Predictions and Trades

Updated: Jul 16, 2023



  • Day’s Theme: Not specified.


  • Behavior Around the High: Not specified.


  • Behavior Around the Low: Not specified.


  • Exclusive Trade Opportunities for Subscribers:

    • A decline between 11:00 and noon offers an opportunity to open a long position. I would close that in the following hour after a notable move to the upside.

    • An opportunity to open a long position within a trough around 2:00. I would close that after a move to the upside between 2:00 and 3:00.



Overview


On 29th, we’ll either open lower in the pre-market or open higher and decline in the pre-market. Around the open, there’s a notable move to the upside that increases with momentum moving forward in time. That move higher takes us to a peak or crest or a high for the day between the open and 10:00. We’ll then decline into a day’s low between roughly 11:00 and noon. That decline offers an opportunity to open a long position that I would close in the next hour after a notable move to the upside.


There’s a lot of price change between noon and 1:00. Around 2:00 or slightly before there’s a notable decline into a trough that will stand out on a one-day chart. There’s a trade opportunity for a scalp trade at that trough to open another long position. We’ll have a significant move to the upside out of that trough into a key resistance level between 2:00 and 3:00. There’s a decline to a support level in the last hour. Right around the close, there’s a significant move higher into a peak or crest. We may sell off from that in the post-market.






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