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July 17th, 2023 S&P 500 Predictions and Trades

Updated: Jun 15, 2023



  • Day’s Theme: A nullified move to the upside and an important trough on a one-month scale.


  • Behavior Around the High: Multiple failed attempts to break through key resistance.


  • Behavior Around the Low: A rally that completes and a decline following the completion of that rally.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a period of sideways rotation where we rise to meet the nearest resistance and then fall back down to rotate along support.

    • An opportunity to open a short position at a crest earlier in the day and sell it at the end of the day.



Overview


On July 17th, there’s a pop and drop in the pre-market. Around the open, there’s a near overbought crest or peak at a key resistance level on a multi-day scale. We’ll sell off with a lot of price change to the downside. There’s volatility that continues into the 10/11:00 hour and a sharp drop that stands out within that period of volatility. We’ll attempt to establish support between 11:00 and noon. There’s another sharp drop between noon and 1:00 where we’ll revisit a support level that we’ve recently visited before. We’ll come into a low for the day between 1:00 and 2:00. We’ll move higher and establish support at a higher level. There are a lot of price swings around this time. In the last hour, there’s a decline and fake out or shake out highlighted.



Sneak Preview


We’ll likely open higher.






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