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August 31, 2023 S&P 500 Predictions and Trades

Updated: Jul 16, 2023



  • Day’s Theme: A decline through multiple support levels.


  • Behavior Around the High: Out of the high, we’ll have a sideways-fluctuating decline that precedes a rally.


  • Behavior Around the Low: A period of volatility and a sharp drop within that period of volatility.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a notable decline or a prominent trough that stands out.



Overview


On August 31st, we’ll bump along resistance in the pre-market. That’s followed by a pretty sharp drop that takes us to a low in the first half hour. Out of that low, we’ll establish support and then have a big move higher standing out on a one-day chart followed by some sideways rotation. We’ll have a decline between 10:00 and noon. I’m advised to be cautious between 11:00 and noon due to multiple false tops or bottoms.


There’s a pretty significant move to the upside that starts between noon and 1:00 and increases with momentum moving into the 1:00 hour. That will take us to a resistance level that we’ll fail to break through and decline through key support. That will take us to another low for the day. Out of that low, we’ll have a notable rally to the upside between 2:00 and 3:00. That rally will take us to another high for the day. There’s a pop-and-drop in the last hour and an important resistance level highlighted around the close. That price level offers an opportunity to position oneself in both directions. We’ll have price swings in the post-market.






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