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February 2, 2023 S&P 500 Predictions (RATED)

Updated: Mar 25, 2023

*Accuracy rating update: 100% or 13/13 predictions correct*

  • Day’s theme: A notable rally to the upside that offers an opportunity to open up a short position.

  • Behavior around the high: We’re bound by the upper end of a range.

  • Behavior around the low: Some bullish behavior where we’ll bump along resistance, break through resistance, and then bump along resistance again.

  • Trade opportunities:

    • I’m advised to trade around successfully turning resistance into new support.

    • Around midday, there’s a move higher that offers an opportunity to open up a short position.


On February 2nd, there’s some erratic behavior in the pre-market as well as a notable and improbable move higher. In the first half hour, we’ll hit a critical price level where volume flattens out. There are multiple failed attempts to break through that price level. We’ll see a trough at some point between 11:00 a.m. and noon. We’ll establish a key support level and then have a prominent move higher that stands out on a one-day chart. That move higher offers an opportunity to open a short position.

Midday, there’s a price level that offers an opportunity to open a straddle/strangle to position oneself in both directions. We’ll poke through resistance around 1:00 p.m. and stay above it briefly where we create a new high. We’ll then break back down through the same price level with a full retracement. In the last hour, there’s an intentional fake out or shake out intended to encourage investors to make impulsive decisions. There may be a bit of price swinging and an unexpected move higher out of a drop. There’s a decision between two leaders that’s highlighted right around the close. In the post-market, there’s a decline that ends with a fast, sudden move higher.

Sneak Preview

On February 3rd, we’ll open notably higher.

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