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March 28th, 2023 S&P 500 Predictions

Updated: Feb 20, 2023

  • Day’s Theme: A key support level that offers an opportunity to cash in on a position.

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

  • Behavior Around the Low: A decline through multiple support levels to reach the low.

  • Trade Opportunities:

    • I’m advised to trade around a notable move to the upside that stands out on a one-day chart.

    • An opportunity to open protection around the open.

    • A trade opportunity off of support between 2:00 p.m. and 3:00 p.m.


On March 28th, we’ll likely open lower in the pre-market and then there’s a notable decline into the open. There’s an opportunity here to open up protection. We’ll then have a move to the upside through a resistance level that’s followed by a full retracement of that move higher. Out of that retracement, there may be another bit of a move to the upside, but that rally is halted by a breakdown through key resistance on the scale of a one-day chart. We’ll come up against an important range between 11:00 a.m. and noon. There’s a crest around 11:45 a.m. We’ll then have some notable price swings with a big move to the upside around 12:45 p.m. We’ll have a prominent crest and a failed attempt to break through key resistance.

We’ll decline with increasing momentum moving forward into the last few hours of the day. There’s a trade opportunity out of support between 2:00 p.m. and 3:00 p.m. That rally off of support is along a diagonal trend line and breaks through horizontal resistance to meet a secondary resistance level. We’ll then pull back to somewhere between those two price levels. I’m advised not to chase that rally. There’s a sharp drop off of that rally that offers an opportunity to close a short position opened earlier in the day.

Sneak Preview

On March 29th, we’ll open higher, but there’s some selling from a near overbought crest or peak.

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