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August 30, 2023 S&P 500 Predictions and Trades

Updated: Jul 16, 2023



  • Day’s Theme: Sideways rotation with some tricky behavior in general.


  • Behavior Around the High: A period of sideways rotation along key support.


  • Behavior Around the Low: A significant decline after meeting a key resistance level that we failed to break through before.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a notable decline that will stand out on at least a one-day chart.

    • An opportunity to open a short position around 10:30 for a scalp.

    • There’s an opportunity to open a short position around the close in the midst of a rally.



Overview


On 30th, we’ll meet a key resistance level around the open that we’ll sell off from with consecutively lower spikes up on the way down. We’ll meet key resistance between 10:00 and 11:00. There’s a peak or crest that we’ll sell off pretty notably from between 11:00 and noon to meet a low. Out of that decline, there’s a big move to the upside pushing the upper end of a range higher. There’s some price swings between 1:00 and 2:00 where we’ll have both a prominent trough and what’s probably another high for the day. We’ll meet resistance in the last hour and a half. We’ll then sell down from there into a day’s low. Any rally around the close will be an opportunity to open a short position.





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