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June 9th, 2023 S&P 500 Predictions and Trades

Updated: Jun 4, 2023



  • Day’s Theme: A crest that we’ll sell off from down to and through support. We’ll have a U-shaped reversal below that support and then come up to reuse it as support.


  • Behavior Around the High: We’ll push the upper end of a range higher on a one-day chart.


  • Behavior Around the Low: Sideways rotation along key support. We’ll rise to meet the nearest critical resistance and then fall back down to continue rotating along support.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a near overbought crest or peak that we sell off from through multiple support levels.



Overview


On June 9th, we’ll likely open lower in the pre-market and then have a notable move higher that turns resistance into new support. Around the open, there’s a big move to the downside that will stand out on a one-day chart. In the first half hour, there are three pokes through the same price level followed by a sharp drop after the third poke. There’s a key technical price level that’s important on at least a one-month chart between roughly 10:00 a.m. and 11:00 a.m. There’s a bullish move to the upside somewhere around 11:00 a.m. that takes us to a brief peak that’s easily missed. We’ll then sell off down to and through multiple support levels. I’m advised to trade around here. There’s a peak around noon and I would open a short position in the midst of a drop off of that peak. That’s followed by erratic behavior back and forth through the same price level between roughly 1:00 p.m. and 2:00 p.m. We’ll revisit a crest in the midst of that erratic behavior that was recently a past opportunity.


Between 2:00 p.m. and 3:00 p.m., we’ll have a period of sideways rotation that ends with a fast, sudden move higher. That move higher is followed by another period of sideways rotation and a sharp drop that will stand out within that period of sideways rotation. At the close, there’s a rally along a diagonal trend line where we break through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels. At the close or in the post-market, there’s a peak after we move higher through key resistance. We’ll stay above it briefly and then break back down shortly thereafter.



Sneak Preview


On June 10th, we’ll open slightly higher.




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