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August 7, 2023 S&P 500 Predictions and Trades

Updated: Oct 20, 2023

*Accuracy rating update: 12/12, 100% accurate*

  • Day’s Theme: Some mixed behavior, but the day will overall be to the upside.

  • Behavior Around the High: Selling from a brief peak that’s easily missed followed by selling through multiple support levels.

  • Behavior Around the Low: A notable move higher out of the low on the scale of at least a one-day chart.

  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around price change and volatility, either to the upside or to the downside.

    • An opportunity to open a long position after revisiting a support level in the morning. You could close that position after visiting a peak or crest midday.


On the 7th, we’ll likely open lower in the pre-market. If we don’t open lower, we’ll have a fast, sudden move higher followed by a break down through a diagonal trend line with increasing volatility on the way down. There’s some sideways rotation around the open. Within a period of sideways rotation around the open we’ll revisit a support level. One could open a long position there. Key resistance is highlighted in the first half hour. There’s a lot of price movement to the upside between roughly 10:00 and noon. There may be a move higher or two moves higher between 10:00 and 10:15. There’s possibly a breakout between 11:30 and 11:45.

There’s some erratic behavior back and forth through the same price level and a peak or crest revisited midday. I would exit the previously opened long position at that crest for a day trade. There may be an opportunity to open a short position here in anticipation of a decline between 1:00 and 2:00. There’s a big move to the upside following that decline before some sideways rotation along key support. There’s another big move to the upside out of a low around the close. There’s a sharp drop off of key resistance at the close or in the post-market.

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