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February 3, 2023 S&P 500 Predictions (RATED)

Updated: Mar 27, 2023

*Accuracy rating update: 100% or 15/15 predictions correct*



  • Day’s theme: A decision between two leaders is highlighted and there’s a holding pattern with a pop and drop. There’s a trade opportunity around the decision between two leaders.


  • Behavior around the high: There’s a prominent move to the upside to reach the high and the establishment of a new support level.


  • Behavior around the low: A decline that increases with momentum moving into the low, however this behavior is nullified so it’s somehow rendered irrelevant.


  • Trade opportunities:

    • I’m advised to trade around multiple failed attempts to break through key resistance.

    • A trade opportunity amidst some volatility and a failed attempt to break through resistance.

    • A notable rally to the upside midday offers an opportunity to open up a short position.



Overview


On February 3rd, there’s a decline from a support level down to another support level in the pre-market. We’ll then rotate sideways along that support level. There’s some sideways fluidity with equal amounts of bulls and bears trading right around the open. There’s a notable reversal to the upside in the first half hour, however we’ll decline back down not long thereafter. There’s something on the news having to do with legislation or law between 10:00 a.m. and 11:00 a.m. We’ll also see some volatility and a fast, sudden move higher at the end of that volatility followed by a failed attempt to break through resistance. There’s a trade opportunity in the midst of that behavior.


We’ll see a notable decline just before midday followed by a notable rally. That rally into a high will offer an opportunity to open up a short position. We’ll have some sideways rotation along a key support level in the early afternoon. That sideways rotation ends with a fast, sudden move higher and another failed attempt to break through key resistance. We’ll then decline from that resistance level down to support, reverse, and then move back up to key resistance. We’ll decline back down to key support after that final move to the upside creating an S-formation. There’s a notable move to the downside through multiple support levels toward the end of the day. There may be a brief poke higher through resistance and a move back down right around the close.



Sneak Preview


On February 6th, we’ll open higher after a big move to the upside and then have a full retracement back down to where the move higher started.







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