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May 16th, 2023 S&P 500 Predictions

Updated: May 28, 2023



  • Day’s Theme: There’s a significant peak that stands out on at least a one-day chart but probably a multi-day chart. That peak forms when we break through resistance, stay above it briefly, and then break back down through the same price level shortly thereafter.


  • Behavior Around the High: Off of the high, there’s a pretty notable move to the downside.


  • Behavior Around the Low: Around the low, we’re at the bottom of a range, however that doesn’t hold.


  • Trade Opportunities:

    • An opportunity to open a long position for a day trade in the midst of a drop in the morning. I’m advised to close that position around 1:30 p.m.

    • An opportunity to open a short position in the midst of a breakout on a one-day chart around 2:00 p.m.



Overview


On May 16th, there’s a bit of a decline in the morning. There’s a sharp drop around noon. In the midst of that drop, there’s an opportunity to open up a long position for a day trade. I would close that position around 1:30 p.m. if not a bit sooner. I would open up a short position in the midst of a breakout on a one-day chart around 2:00 p.m. There’s some volatility around a resistance level and then a breakout into a crest or peak and a prominent resistance level. We’ll have some price swings in the last hour. Right around the close, there’s a sharp drop that stands out within a period of volatility. There’s some erratic behavior in the post-market.



Sneak Preview


On May 17th, there’s a rally along a diagonal trend line at some point where we break through horizontal resistance to meet a secondary resistance level. We’ll then pull back to somewhere between those two price levels.




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