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January 31, 2023 S&P 500 Predictions (RATED)

Updated: Feb 9, 2023

*Accuracy rating update: 100% or 14/14 predictions correct*



  • Day’s theme: A bit of a rally into a key resistance level.


  • Behavior around the high: A period of volatility with a sharp dip off of the high that stands out within that period of volatility.


  • Behavior around the low: A rally into a key resistance level on a one-day chart and then we break down with consecutively lower spikes up on the way down into the low.


  • Trade opportunities:

    • A trade opportunity at the low.



Overview


On January 31st, there’s a cessation of a trend and a decline as well as a trade opportunity to close a short position around the open. Out of that decline around the open, we may have a bit of a rally in the first half hour, however we’ll decline to and through a support level shortly thereafter. Once we’re below that support level, we’ll do a U-shaped reversal and move back up to reuse that support level as support. That price level will be highlighted between roughly 11:00 a.m. and noon. There’s both a notable move higher and a notable move lower between 11:00 a.m. and noon.


There’s a trade opportunity midday. There’s also a move through resistance where we stay above resistance briefly and then we break back down through the same price level shortly thereafter. It looks like we’ll have a high somewhere between 1:00 p.m. and 3:00 p.m. There’s also a low within close time proximity. Out of the low we’ll rally higher again and revisit the high at the end of the day at a key technical price level. There’s a brief high that could be easily missed in the post-market.



Sneak Preview


On the 1st, we’ll open up higher, however we’ll then decline pretty hard. That decline offers an opportunity to open up a long position. There’s also a notable high that will stand out on a multi-day chart.






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