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February 6, 2023 S&P 500 Predictions (RATED)

Updated: Apr 2, 2023

**Accuracy rating update: 100% or 16/16 predictions correct**



  • Day’s theme: N/A


  • Behavior around the high: A move higher through key resistance on a one-day chart. We’ll stay above key resistance briefly and then break back down through the same price level with a full retracement to where the move higher started.


  • Behavior around the low: The low forms when there’s a U-shaped dip that forms around the intersection of two perpendicular diagonal trend lines.


  • Trade opportunities:

    • I’m advised to trade around a key support level.

    • A trade opportunity at a trough between 10:00 a.m. and 11:00 a.m.

    • A trade opportunity around a prominent high after 2:00 p.m.



Overview


On February 6th, in the pre-market we’ll open higher and there’s a brief high that’s easily missed. We’ll then break down through multiple support levels off of that high into a trough or low around the open. There’s a notable move higher out of that trough that successfully turns resistance into new support. There’s a decline off of that new support level into a trough around 10:00 a.m. or 11:00 a.m. There’s a trade opportunity at that trough. We’ll have a fast, sudden move higher around 10:45 a.m. There’s a support level that’s highlighted around this time with a notable trade opportunity and a bit of a decline between 11:00 a.m. and noon.


There’s a crest or high around noon when we move through resistance. We’ll stay above resistance briefly and then break back down through the same price level. There’s a notable decline there to reach a day’s low between roughly 1:00 p.m. and 2:00 p.m. That low will form when we have the halting of a bullish trend marked by a sharp decline through key support. There’s another prominent high and a trade opportunity. We’ll have some price swings and a rally along a diagonal trend line in the last hour that ends with a fast, sudden move higher. We’ll then break down through that diagonal trend line with increasing volatility on the way down. Around the close, we’ll decline through a support level that we recently declined through once before. In the post-market, there are three pokes through the same price level followed by a sharp decline after that third poke.



Sneak Preview


On February 7th, it looks like we’ll open higher with sideways rotation along key support that increases with bullish momentum as we move forward in time.






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