August 4, 2023 S&P 500 Predictions and Trades

*Accuracy rating update: 9/9, 100% correct*

Day’s Theme: Two peaks with a valley in between, however this chart behavior is somehow nullified.

Behavior Around the High: Sideways rotation that increases with bearish momentum as we move forward in time.

Behavior Around the Low: A sharp drop that will stand out on a one-day chart in the midst of sideways rotation.

Exclusive Trade Opportunities for Subscribers:
- I’m advised to open a short position for a quick scalp around a period of sideways rotation near the close. I wouldn’t hold this position into the next day as it’s hard to determine whether we open higher or lower.

Overview

On the 4th, we’ll probably open around the same level as the previous day and then have a move higher. We’ll have the completion of a bullish trend around the open when we break down with consecutively lower spikes up on the way down. There’s a move to the upside between roughly 10:00 and noon. We’ll meet a key resistance level at a near overbought peak or crest around noon. We’ll sell off from that into a low between roughly 2:00 and 3:00. We’ll rotate sideways along that price level where we attempt to establish support. We'll move even lower in the last hour. Right around the close, I’m advised to be cautious due to the possibility of multiple false bottoms. There’s a failed attempt to break through key resistance followed by a decline through key support in the post-market.