May 22nd, 2023 S&P 500 Predictions

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

• Behavior Around the High: A sideways-fluctuating rally that precedes a decline.

• Behavior Around the Low: A significant cash out opportunity at the low. The low is on at least a one-day scale.

• Trade Opportunities:

  • A fast, sudden move higher in the afternoon offers an opportunity to open a short position.

Overview

On May 22nd, there’s a lot of price change after an important multi-day support is met in the pre-market. A high will form around the open or in the first half hour when a rally increases with momentum moving forward into an important price level. There’s a speech midmorning around 9:45 a.m. that’s trustworthy. We’ll see sideways rotation out of the open. We’ll rise to meet the nearest critical resistance and then fall back down to continue rotating sideways along key support. We’ll continue rotating along support between roughly 10:00 a.m. and 11:00 a.m. A key technical resistance level is highlighted between roughly 11:00 a.m. and noon.

There’s a move to the downside into a trough around noon. There’s then a fast, sudden move higher out of that trough that will take us to a resistance level that we’ve met several times before. There’s a low somewhere between noon and 2:00 p.m. That’s followed by a fast, sudden move higher that ends a period of sideways rotation. That move higher offers an opportunity to open a short position. We’ll then have a full retracement of that move higher after meeting resistance briefly and then breaking back down. Right around the close we’ll have another low.

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