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March 15, 2023 S&P 500 Predictions

Updated: Feb 20, 2023



  • Day’s Theme: A move to the upside, even in the face of seemingly overwhelming headwinds.


  • Behavior Around the High: A move higher through key resistance, we’ll stay above it briefly, and then break back down shortly thereafter with a full retracement to where the move higher started.


  • Behavior Around the Low: A key reversal that will stand out on a one-day chart.


  • Trade Opportunities:

    • I’m advised to trade around an unexpected and improbable move, likely to the downside.

    • An opportunity to open a short position near a rally that commences around the open.

    • An opportunity to open a long position in the midst of a trough around 12:15 p.m.

    • An opportunity to open a short position in the midst of a rally around 1:00 p.m.



Overview


On March 15th, we’ll likely open higher in the pre-market and then sell from an overbought crest or peak to a support level. We’ll then rotate alongside that support level. There’s a rally that commences around the open. That rally presents an opportunity to open a short position. We’ll decline pretty notably in the first half hour and a half through a support level that we recently broke through once before. There are a lot of price swings around this time and an opportunity to open up protection around 10:15 a.m. Around 11:00 a.m., there’s a big move to the upside out of a low that stands out on a one-day chart. That move will bring us up to resistance.


There’s a decline that begins around noon and there’s another trade opportunity at a trough around 12:15 p.m. There’s a notable move to the upside around 12:45 p.m. and I'm advised not to chase that move to the upside. We’ll then meet resistance at a high somewhere around 1:00 p.m. in the midst of a rally. That rally offers an opportunity to open a short position. There’s a decline that begins around 2:00 p.m. that takes us to a support level. There’s an opportunity to close out of a short position for a day trade here. We’ll then rotate along key support and there’s an end to that rotation with a fast, sudden move higher toward the end of the day. There’s a sideways fluctuating decline around the close that precedes a bit of a move to the upside. We’ll decline through key support in the post-market.



Sneak Preview


On the 16th, we’ll open higher with a sharp decline.

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