July 24th, 2023 S&P 500 Predictions and Trades

Day’s Theme: An important resistance level that we’ll bump up against and fail to break through.

Behavior Around the High: An important and improbable opportunity highlighted around the high.

Behavior Around the Low: Two lows with a peak in between.

Exclusive Trade Opportunities for Subscribers:
- I’m advised to trade around a near overbought crest that we’ll sell off from through multiple support levels.

Overview

On July 24th, there’s a prominent move higher that stands out on a one-day scale and successfully turn resistance into new support. We’ll rotate along support around the open. There’s an important technical price level highlighted in the first hour and a half. We’ll hit a resistance level between 10:00 and 11:00. Off of that resistance, there’s a sharp decline back to a support level. We’ll rotate sideways along support between 11:00 and noon. We’ll then decline into a trough and have a trade opportunity midday. That’s followed by a fast, sudden move higher out of the trough between noon and 1:00 which marks the end of that decline.

That move to the upside takes us to a key resistance that we’ll fail to break through. There’s a trade opportunity there as well. There’s a period of volatility between 1:00 and 2:00 and we’ll then have another low for the day between 2:00 and 3:00. We’ll have a sharp drop in the midst of sideways rotation in the last hour. Around the close, there’s a rally along a diagonal trend line that ends with a fast, sudden move higher and then a breakdown through that diagonal trend line. That decline continues into the post market with a drop through multiple support levels.

Sneak Preview

On the 25th, we’ll open lower.