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May 1st, 2023 S&P 500 Predictions

Updated: May 26, 2023

  • Day’s Theme: A significant move that will stand out on a multi-day chart. This move could be in either direction, but my sense is that this is a bullish day.

  • Behavior Around the High: The high for the day is nullified. We’ll be rotating sideways along key support near the high, rise to meet the nearest resistance, and then fall back down to continue rotating along support.

  • Behavior Around the Low: We’ll decline to reach a support level that we recently met once before.

  • Trade Opportunities:

    • An opportunity to open a long position for a day trade in the morning. I would close that long position at a high around 2:00 p.m.


On May 1st, we’ll have a low in the midst of a decline in the pre-market which offers an opportunity to open up a long position for a day trade. Around the open, there’s a decline through multiple support levels off of a crest. An important resistance level is highlighted. Between 10:00 a.m. and 11:00 a.m., there’s a period of volatility that ends with a fast, sudden move higher. That move higher will take us into a failed attempt to break through key resistance. That’s followed by a decline that increases with momentum moving forward in time between roughly 11:00 a.m. and noon.

Around midday, there’s an unexpected move to the upside that takes us into the day’s high roughly around 2:00 p.m. I would close the long position opened earlier around this high. Off of the high, there’s a pullback to an important support level that can be trusted on at least a one-day chart. Off of that support, there’s a rally into the close that increases with momentum moving forward in time. There may be another day’s high in the post-market.

Sneak Preview

On the 2nd, there’s an important support level on a multi-day scale.

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