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March 13, 2023 S&P 500 Predictions

Updated: Feb 20, 2023



  • Day’s Theme: A key technical price level is highlighted. My sense is that we’ll have a prominent crest or high today.


  • Behavior Around the High: An unexpected move to the upside and a sharp drop off of the high.


  • Behavior Around the Low: A sharp dip within a period of volatility that will bring us into the low.


  • Trade Opportunities: N/A



Overview


On March 13th, we’ll decline through multiple support levels in the pre-market. There’s a bit of a rally into a near overbought crest or peak that’s an easily missed opportunity around the open. We’ll then have a decline through multiple support levels into the first low of the day around 10:00 a.m. or 11:00 a.m. There’s a notable move to the upside out of that low, also between 10:00 and 11:00. That’s followed by a bit of a holding pattern and a pop and drop which likely has something to do with an agreement between two leaders at some point before noon.


We’ll rally into a crest midday and then sell down from that crest through a support level. We’ll then see a U-shaped reversal where we move back up and reuse that support level as support. In the early afternoon, there’s a sideways-fluctuating rally that takes us to a key resistance level that it appears we’ll break through. Around 2:00 p.m., we’ll test a resistance level but fall from that level and decline through a falsely-established support level. It looks like we’ll have a lower low at the end of the day.



Sneak Preview


On the 14th, we’ll open higher. There’s also a move to the upside out of oversold territory.

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