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June 7th, 2023 S&P 500 Predictions

Updated: May 29, 2023



  • Day’s Theme: An establishment of support with sideways rotation along that support after a prominent move higher that stands out on a one-day chart.


  • Behavior Around the High: An overbought crest that we sell off from through multiple support levels.


  • Behavior Around the Low: A crest that we’ll sell off down to and through on a one-day scale.


  • Trade Opportunities:

    • I’m advised to trade around a peak where we move higher through resistance. We’ll stay above it briefly and then break back down through the same price level.



Overview


On June 7th, we’ll probably open lower at the bottom end of a range. There’s a move to the upside to a peak or crest around the open where we’ll bump along resistance and maybe break through resistance. We’ll sell off through multiple support levels around 10:00 a.m. There’s a trade opportunity between 10:00 a.m. and 10:30 a.m. Key resistance on a one-day chart is highlighted between 11:00 a.m. and noon. There’s a breakout to a day’s high and a peak around noon.


There’s a lot of price movement and price change between noon and 1:00 p.m. from that peak. We’ll continue to move to the downside between 1:00 p.m. and 2:00 p.m. Around 2:00 p.m. to 3:00 p.m., there’s a fast, sudden move higher into a peak that stands out on a one-day chart. In the last hour, there’s a decline through support to meet another support. We’ll rotate sideways along that support. Right around the close, there’s a move up through resistance. We’ll stay above it briefly and then break back down through that price level with a full retracement. There’s a decline in the post-market through multiple support levels.



Sneak Preview


On June 8th, we’ll open lower.




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