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

Updated: Jan 28

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



Day’s Theme: A notable decline on the scale of a multi-day chart.



Behavior Around the High: Sideways fluctuations with a bullish trend preceding a decline.



Behavior Around the Low: A U-shaped dip that forms near the intersection of two perpendicular diagonal trend lines. The high and the low are within close proximity to each other.



Trade Opportunities:

  • An opportunity to open up a short position for a quick day trade in the midst of a move to the upside around the open.

  • I’m advised to open up protection after moving up and out of a low midday.

  • An opportunity to open up a short position midday for a quick trade.



Overview


On January 3rd, there’s a resistance level that’s highlighted in the pre-market. This would be a good point to utilize options in a straddle/strangle. Around the open, we’ll have a bit of a move to the upside. There’s an opportunity to open up a short position for a quick day trade here. The bullish price movement will be followed by a sharp drop that will stand out on a one-day chart within a period of volatility. Between roughly 10:00 a.m. and noon, there’s a big move to the upside that will stand out on a one-day chart. There’s a day’s high midday where we briefly pop above a resistance level. We’ll then break back down through the same price level shortly thereafter to meet support. We’ll drop below that support level and create a U-shaped dip after moving back up to reuse that support level as support.


We’ll have a rally along a diagonal trend line out of that low. I’m advised to open up protection after moving out of the previous low. Around roughly 1:00 p.m. to 2:00 p.m., the rally ends with a fast, sudden move higher followed by a drop back down through the diagonal trend line. We’ll then sell from a near overbought crest into a low. There’s an opportunity to open up a short position either midday or toward the end of the day. At the end of the day, there’s an opportunity to cash out on puts. We’ll also revisit a support level that was recently a past opportunity at the end of the day. Right around the close, we’ll break down through a key support level that we recently broke through. In the post-market, we’ll have some sideways fluidity along a support level.


Sneak Preview


A gap down the following day along with some price swings that are likely bullish.






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