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May 12th, 2023 S&P 500 Predictions

Updated: May 28, 2023

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

  • Behavior Around the High: There’s a notable opportunity on a multi-day chart around the high.

  • Behavior Around the Low: Behavior around the low is nullified.

  • Trade Opportunities:

    • I’m advised to trade around a breakout on a one-day scale.

    • An opportunity to open a short position in the first half hour.


On May 12th, we’ll open lower and then rally in the pre-market. That rally ends with a breakdown through a key support level on a one-day scale that takes us to a low around the open. Out of a decline around the open, there’s a big move higher on a one-day scale that takes us to a price level at a day’s high. We’ll have three pokes through that price level with the first poke in the first half hour. There’s an opportunity to open a short position there. We’ll decline through multiple support levels between 10:00 a.m. and 11:00 a.m.

Between roughly 11:00 a.m. and noon, there’s a notable move to the upside. There’s a bit of a price swing and then we decline from a peak or crest sometime around noon. You could close a short position and open a long position there. Roughly around 1:00 p.m. or 2:00 p.m., there’s a fast, sudden move higher that marks the end of that decline. There’s a sideways holding pattern between 2:00 p.m. and 3:00 p.m. with a pop and drop. In the last hour, there’s a significant move higher. We’ll rally along a diagonal trend line and break through horizontal resistance to meet a second resistance level before falling back to somewhere between those two price levels. We’ll sell off from a crest or peak through multiple support levels in the post-market.

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