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February 10, 2023 S&P 500 Predictions

Updated: Jan 13, 2023



  • Day’s theme: A nullified theme.


  • Behavior around the high: Sideways rotation that ends with a fast, sudden move higher, however we won’t stay there very long.


  • Behavior around the low: A fast, sudden move higher. There may be something to do with a male ruler of nations.


  • Trade opportunities:

    • An opportunity to open up protection after poking through a key technical price level around noon.



Overview


On February 10th, we’ll have the establishment of support in the pre-market. We’ll also have some price swings around the open that are most likely bullish. In the first half hour, we’ll create a solid foundation and then have a big move to the upside, however that move to the upside doesn’t hold. We’ll see a decline between roughly 11:00 a.m. and noon. There’s a decline to and through support to meet another support level and then we bounce sideways between support and the nearest resistance. We’ll then break down through multiple supports. There’s a crest of some sort around 11:00 a.m. There’s a key technical price level on the scale of more than just a one-day chart highlighted. We’ll poke through that price level momentarily and at that point there’s an opportunity to open up some protection.


There’s a sideways S-formation within a channel midday. We may have some sort of an agreement between two leaders highlighted around that time. There’s a new crest between 1:00 p.m. and 2:00 p.m. followed by multiple headwinds pushing us into a decline and a trough between roughly 2:00 p.m. and 3:00 p.m. There are three pokes through a resistance level in the last hour followed by a sharp drop after the third poke. There’s a notable reversal that will stand out on at least a one-day chart around the close where we’ll move out of a decline into a rally. We’ll meet a key resistance level in the post-market. The 10th is a probable highest high for the month.


Sneak Preview


We’ll open lower in the pre-market on February 10th, however there’s a move higher out of that decline.



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