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June 5th, 2023 S&P 500 Predictions

Updated: May 29, 2023



  • Day’s Theme: A mixed day overall.


  • Behavior Around the High: A U-shaped dip that forms near the intersection of two perpendicular diagonal trend lines.


  • Behavior Around the Low: The low forms after we sell off from a brief peak that’s easily missed.


  • Trade Opportunities: Not specified.



Overview


On June 5th, there’s a bit of a decline in the pre-market and around the open there’s a move to the upside that pushes the upper end of a range higher. We may temporarily establish support around a peak or crest. We’ll then sell down pretty notably between 10:00 a.m. and 11:00 a.m. to a support level that we’ll rotate sideways along. There’s then a move higher to a resistance level that’s highlighted between 11:00 a.m. and noon. We’ll momentarily break through that resistance level midday. We’ll stay above it briefly and then we’ll have a full retracement of that move higher.


There’s a decline through multiple support levels off of that peak or crest somewhere between 1:00 p.m. and 2:00 p.m. That’s followed by a notable move higher between roughly 2:00 p.m. and 3:00 p.m. where we’ll temporarily turn resistance into new support. Toward the end of the day, we’ll sell off into a prominent trough after meeting an overbought peak or crest into a low. We’ll have some mixed behavior with price swings and sideways rotation in the post-market.




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