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February 8, 2023 S&P 500 Predictions

Updated: Jan 9, 2023



  • Day’s theme: Day’s theme is nullified.


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


  • Behavior around the low: We’ll establish support out of the low and there’s a prominent move higher after establishing that support.


  • Trade opportunities:

    • An opportunity to open a short position in the midst of a rally in the last hour.


Overview


On February 8th, there was a significant drop overnight and there may be a bit of a rally in the pre-market. We’ll have a notable drop in the pre-market as well. There’s a key resistance level highlighted right around the open. There are multiple failed attempts to break through key resistance in the first half hour. That then turns into erratic behavior back and forth through the same price level. In the midst of that erratic behavior, we’ll revisit a crest that was recently a past opportunity. Between roughly 11:00 a.m. and noon, there’s a move higher out of a decline.


Midday, we’ll have some sideways fluidity with equal amounts of bulls and bears trading. Between roughly 1:00 p.m. and 2:00 p.m., there’s a crest at a key technical price level. A female fire sign is highlighted in regard to a speech around 1:10 p.m. or 1:15 p.m. There’s a rally between roughly 2:00 p.m. and 3:00 p.m. There’s a notable move along a diagonal trend line through horizontal resistance to meet a secondary resistance level and then a pull back to somewhere between those two price levels. It looks like we’ll create another crest or peak in the last hour in the midst of a rally higher. That rally offers an opportunity to open up a short position. In the post market, there’s a rally along a diagonal trend line that increases with momentum as we move forward into a key resistance level on a one-day chart.


Sneak Preview


We’ll open lower on February 9th.

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