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June 8th, 2023 S&P 500 Predictions

Updated: May 29, 2023



  • Day’s Theme: A decline that will stand out on a multi-day chart and offer an opportunity to open a long position.


  • Behavior Around the High: Not specified.


  • Behavior Around the Low: Not specified.


  • Trade Opportunities:

    • An opportunity to open a long position in the midst of a decline first thing in the morning. I would close that position in the first half hour to hour and a half when we meet a key resistance level.

    • An opportunity to open a short position in the midst of a fast, sudden move higher around 2:00 p.m. You can probably close that position in the last hour or in the morning the following day.



Overview


On June 8th, there’s both a high and a low in the pre-market. We’ll decline to and through support to meet another support level. We’ll then bounce along support sideways and break down through multiple supports into a prominent low for the day. There’s a resistance level highlighted between the open and 10:00 a.m. We’ll then break down with consecutively lower spikes up on the way down. Between 10:00 a.m. and 11:00 a.m., we’ll rally to the upside into a peak or crest. There’s some volatility around that time and key resistance is highlighted again. Out of that volatility, there’s an unexpected move to the upside between roughly 11:00 a.m. and noon.


Between noon and 1:00 p.m., there’s a period of volatility that ends with a fast, sudden move higher. That move higher takes us into a peak or crest around 2:00 p.m. There’s a trade opportunity in a period of sideways rotation that ends with a fast, sudden move higher. That’s followed by a sideways-fluctuating decline in the last hour. There’s another trade opportunity in the midst of that decline. Key resistance on a one-day scale is highlighted around the close. There’s a notable move to the upside on a one-day scale right at the close. There’s some sideways rotation in the post-market.



Sneak Preview


On June 9th, my sense is that we’ll open lower.




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