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May 17th, 2023 S&P 500 Predictions

Updated: May 28, 2023

  • Day’s Theme: An unexpected move higher out of a decline.

  • Behavior Around the High: Three pokes through the same price level followed by a sharp decline.

  • Behavior Around the Low: A crest on a one-day chart that we’ll sell off pretty notably from on a one-day scale.

  • Trade Opportunities:

    • I’m advised to trade around a decline that offers an opportunity to open a long position.

    • Both the high and the low mark significant trade opportunities on a one-day scale.


On May 17th, I would first close a short position from the prior day at the open. We’ll have a move to the upside that’s followed by a retracement, so we’ll probably open higher in the pre-market. We’ll move to the upside and then have a retracement back down through multiple support levels around the open. There’s either a pop and drop with congress highlighted or a holding pattern with a pop and drop in the first half hour. That’s followed by a rally that takes us to a failed attempt to break through key resistance. We’ll then turn around and decline through key support. Out of that decline, we establish support, and then there’s a big move to the upside that stands out on a one-day chart. After that move to the upside, we’ll establish support again at a higher level.

After the move higher that’s around 1:45 p.m., we’ll decline to meet a support level that we recently met. There’s a rally out of the low along a diagonal trend line followed by a fast, sudden move higher. We’ll then turn around and decline through that diagonal trend line with increasing volatility on the way down.

Sneak Preview

On the 18th, we’ll likely open lower. If we don’t open lower, we’ll decline pretty quickly in the pre-market with a sharp drop.

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