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June 6th, 2023 S&P 500 Predictions

Updated: May 29, 2023



  • Day’s Theme: A breakout that’s nullified.


  • Behavior Around the High: There’s a failed attempt to break through key resistance around the high.


  • Behavior Around the Low: Not specified.


  • Trade Opportunities:

    • I’m advised to trade around a rally along a diagonal trend line that breaks down with a fast, sudden move higher.



Overview


On June 6th, we’ll likely open higher with a lot of price change in the pre-market. It looks like there’s a low in the pre-market or around the open. There’s a failed attempt to break through key resistance on a one-day chart in the first half hour followed by a decline through key support. That’s followed by a fast, sudden move higher that stands out on a one-month chart between roughly 10:00 a.m. and 11:00 a.m. That move higher offers an opportunity to open a short position. We’ll then have a notable decline that stands out on a one-day chart. I would close out of that short position around noon or in the midst of that decline.


There’s a bit of a rally midday. There are multiple failed attempts to break through key resistance between 1:00 p.m. and 2:00 p.m. There’s some sideways fluidity between 2:00 p.m. and 3:00 p.m. We’ll then have a notable move with a bit of a peak in the last hour that’s easily missed followed by a decline through multiple support levels. We’ll revisit a support level with a sharp dip in a period of sideways rotation around the close.



Sneak Preview


We’ll likely open higher on June 6th.




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