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March 24th, 2023 S&P 500 Predictions

Updated: Feb 20



  • Day’s Theme: A period of sideways rotation that ends with a fast, sudden move higher.


  • Behavior Around the High: Multiple failed attempts to break through key resistance, however there is some sort of chart behavior that makes that irrelevant.


  • Behavior Around the Low: We’ll have selling from a near overbought crest or peak into the low.


  • Trade Opportunities:

  • An opportunity to open a long position in the midst of a sideways fluctuating decline midday.

  • There’s a big move to the upside shortly after 2:00 p.m. that offers an opportunity to open a short position.



Overview


On March 24th, we’ll have pretty significant bullish volume that increases as we move forward into the day. In the pre-market, we’ll sell down from an overbought crest into a trough. There should be a crest around the open, from which we’ll sell down to and through support. We’ll then move back up and reuse that support level as support in the first half hour. From 10:00 a.m. to 11:00 a.m., we’ll see a sideways fluctuating rally with bullish momentum that moves into an unexpected move to the upside between roughly 11:00 a.m. and noon.


There’s a sideways fluctuating decline midday that offers the opportunity to open up a long position. That decline ends around 1:00 p.m. We’ll establish a support level around this time. That’s followed by a big move to the upside that stands out on a one-day chart. We’ll then establish support between 1:00 p.m. and 2:00 p.m. There’s a big move to the upside that will stand out on a one-day chart to reach for the day’s high that offers an opportunity to open a short position. We’ll have some price swings as we move into the close. We’ll see a low in the post-market.



Sneak Preview


On March 25th, we’ll open lower, and there’s a decline that increases with momentum moving forward in time.


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