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March 9, 2023 S&P 500 Predictions

Updated: Feb 20, 2023



  • Day’s Theme: Two peaks with a U-shaped dip in between.


  • Behavior Around the High: Out of a decline, there’s a move from the bottom of a range to the top of a range.


  • Behavior Around the Low: A big move to the upside to reach the high out of the low.


  • Trade Opportunities:

    • I’m advised to trade around a rally into key resistance.



Overview


On March 9th, there’s an important trough or low in the pre-market that will stand out on a one-day chart. Around the open, there’s a move through resistance. We’ll stay above that resistance briefly and then break back down through that price level with a full retracement to where that move higher started. In the first half hour, there’s a sideways fluctuating rally that precedes a decline. There’s a peak around 9:45 a.m. We hit a key resistance level somewhere between 10:00 a.m. and 11:00 a.m. We’ll break through that resistance level momentarily and then we’ll decline from that resistance level and sell down to and through a support level. That decline will bring us into a trough at some time between 11:30 a.m. and noon.


There’s a move to the upside in the midst of volatility right around noon. We’ll poke through a key resistance level after that move to the upside and then have a sharp drop that will stand out. We’ll have another poke through that same resistance level into a crest between 1:00 p.m. and 2:00 p.m. That’s followed by a notable decline on a one-day chart. We’ll then have an unexpected or almost irrational move to the upside out of that decline and reach for distant resistance. Right around the close, there’s a decline that offers an opportunity to open up a long position. Be cautious about price swings at the end of the day. In the post-market, there’s a revisiting of a support level in the midst of sideways rotation.



Sneak Preview


On the 10th, we’ll open higher. #IITheUniverse


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