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March 20th, 2023 S&P 500 Predictions

Updated: Feb 20, 2023



  • Day’s Theme: A trade opportunity.


  • Behavior Around the High: There’s a decline through a support level to meet another support level. We’ll bounce sideways along that support level for a bit and then break down through multiple support levels off of the high.


  • Behavior Around the Low: There’s a notable fake out around the low that will try to influence investors’ decisions.


  • Trade Opportunities:

    • I’m advised to trade around an important range, likely around the low.



Overview


On March 20th, we’ll open lower in the pre-market and decline until a fast, sudden move higher marking the end of that decline. That fast, sudden move higher takes us into a near overbought crest around the open. We’ll sell off of that crest into a low between 10:00 a.m. and 11:00 a.m. There are some bullish price swings from roughly 11:00 a.m. to noon. There’s a holding pattern midday with a pop and drop and possibly something to do with congress around this time.


There’s a notable move higher that reaches for distant resistance from roughly 1:00 p.m. to 2:00 p.m. Out of that move to the upside, there’s a notable decline that starts around 2:30 p.m. We’ll continue to decline into the last hour, however out of that decline there’s a notable move higher, even in the face of seemingly overwhelming headwinds. That brings us to a key resistance level that we saw earlier in the day. There’s likely a bit of a drop in the post-market.



Sneak Preview


On March 21st, we’ll successfully turn resistance into new support.

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