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February 27, 2023 S&P 500 Predictions

Updated: Jan 19, 2023



  • Day’s Theme: A sharp dip that stands out amidst a period of volatility.


  • Behavior Around the High: A notable decline through multiple support levels off of the high.


  • Behavior Around the Low: There’s a trade opportunity at the low.


  • Trade Opportunities:

    • I’m advised to trade around a notable decline that will stand out on a multi-day chart.

    • An opportunity to open up a short position to hold overnight at a key resistance level around the close.



Overview



On February 27th, we’ll have a decline from resistance down to and through support to meet another support level in the pre-market. We’ll bounce along that support for a bit. We’ll break down through multiple support levels into a day’s low around the open. There’s a prominent move higher that will stand out of that low. Around 10:00 a.m., there’s a trade opportunity and a notable reversal with a decline that commences around a crest between 10:00 a.m. and 11:00 a.m. We’ll move into a day’s low around noon. That decline offers an opportunity to open up a long position for a scalp.


There’s a notable move to the upside after establishing support midday. There’s a fake out and an opportunity to close out of the previously opened scalp trade. We’ll see a decline that commences around 12:30 p.m. followed by multiple failed attempts to break through key resistance between 1:00 p.m. and 2:00 p.m. The day’s high is most likely between 2:00 p.m. and 3:00 p.m. amidst a period of volatility that ends with a fast, sudden move higher. I’m advised that there’s a failure imminent when we attempt to break through key resistance. There’s an opportunity to open up a short position to hold overnight at a key resistance level near the close. It looks like we’ll attempt to establish support in the post-market.



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