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March 23rd, 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 a key resistance level. We’ll stay above that price level briefly and then break back down through that price level with a full retracement, if not more than a retracement.

  • Behavior Around the Low: A decline through multiple support levels standing out on a one-day chart. There is some chart behavior that makes that decline irrelevant, however.

  • Trade Opportunities:

    • I’m advised to trade around a key price level on the scale of more than just a one-day chart.

    • An opportunity in the midst of a move to the upside around the open.


On March 23rd, there’s a rally along a diagonal trend line in the pre-market. We’ll end that rally with a fast, sudden move higher and then we’ll break down through that diagonal trend line. We’ll move into the open as we break down into oversold territory. Out of that decline, we’ll move to the upside. There’s a trade opportunity in the midst of that move to the upside. We’ll have three pokes through a resistance level followed by a sharp decline after the third poke. That decline will take us into a low sometime around 10:15 a.m. We’ll establish support between 10:00 and 11:00 a.m. Out of that support level, there’s a big move to the upside that stands out on a one-day chart. That’s followed by the establishment of support at a higher price level.

There’s a crisscross through the same price level between 11:00 a.m. and noon. We’ll then come up against the upper end of a range somewhere between 11:00 a.m. and 1:00 p.m. There’s a failure to break through key resistance and then decline through key support. That’s followed by a period of volatility between 1:00 p.m. and 2:00 p.m. We’ll then see a sharp drop that takes us into another trough around 2:00 p.m. That drop is followed by another move to the upside between 2:00 p.m. and 3:00 p.m. where we’ll hit another resistance level. We’ll see a significant drop in the last hour. At the end of the day, there’s a notable reversal to the upside that will stand out on a one-day chart. There’s a sideways S-formation within a channel in the post-market.

Sneak Preview

On March 24th, we should open around the same price level.

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