March 6, 2023 S&P 500 Predictions (RATED)
Updated: May 7
**Accuracy rating update: 100% or 11/11 predictions correct**
Day’s Theme: A rally into a key resistance level on a multi-day chart followed by a drop off of that resistance level with lower spikes up on the way down.
Behavior Around the High: The completion of a rally, however it’s nullified.
Behavior Around the Low: A move higher through key resistance, we’ll stay above it briefly, and then we’ll break back down through the same price level shortly thereafter. There’s also a pretty big move off of the low.
Trade Opportunities:
A trade opportunity to open a long position around a decline midday.
Overview
On March 6th, we’ll establish support in the pre-market. There’s a movement out of a decline to hit resistance and we may break through resistance. There’s a key price level that we may come up against. From that price level, we’ll decline pretty notably. Out of that decline, there’s a day’s low and a trade opportunity to open up a long position. We’ll then have sideways rotation, we’ll rise to meet the nearest resistance, and then fall back down and continue to rotate sideways. That’s followed by a big move to the upside that’s a rally into key resistance within the last two hours of the day. We’ll then revisit a support level that was recently a past opportunity in the last hour. Toward the end of the day we’ll see a crest or peak. Around the close, we’ll sell off from that overbought crest or peak.
Sneak Preview
We’ll open higher on the 7th.