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July 7th, 2023 S&P 500 Predictions and Trades

Updated: Jun 8, 2023



  • Day’s Theme: An important support level with sideways rotation along it.


  • Behavior Around the High: There are likely two highs with price swings in between.


  • Behavior Around the Low: We’re bound by the bottom of a range around the low.


  • Exclusive Trade Opportunities for Subscribers:

    • A scalp trade opportunity in the midst of a move to the upside around noon.



Overview


On July 7th, we’ll probably open higher and then decline in the pre-market. There’s some sort of move to the upside in the first half hour taking us to a peak or crest. There’s a decline between 11:00 and noon in the midst of volatility. Around noon, we’ll hit an important trough and then have a big move to the upside which presents a scalp trade opportunity. By 12:35, we’ll have the commencement of a decline with a failed attempt to break through key resistance followed by a decline through key support. That takes us to the bottom of a range.


There’s a key support level between 1:00 and 3:00. There’s a day’s low between 2:00 and 3:00. Out of that low, there’s a big move to the upside standing out on a one-day chart. There’s more bullish behavior in the last hour. I’m advised to be cautious around the close with some mixed behavior and possible false tops. We’ll have three crisscrosses through the same price level in the post-market.



Sneak Preview


On July 8th, we’ll likely open higher.




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