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May 11th, 2023 S&P 500 Predictions

Updated: May 28, 2023



  • Day’s Theme: An important resistance level that’s highlighted. There’s also an opportunity to play the market in both directions.


  • Behavior Around the High: A period of volatility and a sharp drop that stands out within that period of volatility.


  • Behavior Around the Low: Out of a decline, there’s a notable move on a one-day chart from the bottom of a range to the top of a range.


  • Trade Opportunities:

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

    • There’s a key resistance level highlighted around the open and a trade opportunity around that resistance level to open a short position and/or close the long position from the prior day. You could close that short position in the midst of a day’s low between 11:00 a.m. and noon. After closing that short position, you could open a long position and close that long position in the midst of a move to the upside toward the end of the day.



Overview


On May 11th, we’ll open higher in the pre-market. There’s a rally that either ends in the pre-market or around the open. There’s a key resistance level highlighted around the open and a trade opportunity around that resistance level to open a short position and/or close the long position from the prior day. You could close that short position in the midst of a day’s low between 11:00 a.m. and noon. After closing that short position, you could open a long position and close that long position in the midst of a move to the upside toward the end of the day.


There’s a significant move from the bottom of a range to the top of a range around noon. Midday, there’s a period of sideways rotation and a sharp dip that stands out within that period of sideways rotation. There’s some price swings between 12:00 p.m. and 2:00 p.m. We may have another significant low after a decline that increases with momentum moving forward in time. We’ll have a significant low around 2:45 p.m. or 3:00 p.m. That’s followed by a rally to meet a key resistance level in the last hour. We’ll be in overbought territory at a crest or peak around the close. We’ll sell off from that crest or peak through multiple support levels moving into the post-market.



Sneak Preview


On May 12th, we’ll open lower and break down through a significant support level on a one-day scale.




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