July 10th, 2023 S&P 500 Predictions and Trades

• Day’s Theme: An attempt to establish support on a multi-day scale.

• Behavior Around the High: There’s likely a breakout that doesn’t hold.

• Behavior Around the Low: A period of sideways rotation and a sharp drop in the midst of that to take us to the low.

• Exclusive Trade Opportunities for Subscribers:

  • I’m advised to trade around a notable decline on a one-day chart.

  • An opportunity to open a long position in the midst of a decline between 1:00 and 2:00.

Overview

On July 10th, we’ll have sideways rotation in the pre-market and a decline that offers an opportunity to open a long position. There’s a fast, sudden move higher out of the open into the 10:00 hour. We’ll successfully turn resistance into new support between 10:00 and 11:00. There’s a trade opportunity at a brief peak roughly between 11:00 and noon. We’ll move above resistance, stay above it briefly, and then break back down through the same price level. I would exit the long position opened around the open around that peak before we break down.

There’s some volatility between roughly noon and 1:00. That period of volatility ends with a fast, sudden move higher. There’s another low or trough after a decline between 1:00 and 2:00. That decline offers an opportunity to open a long position. There’s some sideways rotation that increases with bullish momentum between 2:00 and 3:00. We’ll establish support on a one-day scale in the last hour that we can rely upon. There’s a sideways-fluctuating rally into the close that precedes a decline.

Sneak Preview

We’ll open lower on July 11th.

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