top of page

May 31st, 2023 S&P 500 Predictions

Updated: May 29, 2023



  • Day’s Theme: A notable decline on a multi-day chart that offers an opportunity to open a long position.


  • Behavior Around the High: Not specified.


  • Behavior Around the Low: Not specified.


  • Trade Opportunities:

    • An opportunity to open a short position in the midst of a rally between 2:00 p.m. and 3:00 p.m.

    • An opportunity to open a long position for a swing trade in the midst of a sideways-fluctuating decline in the last hour.



Overview


On May 31st, we’ll likely open in the pre-market at a similar price level that we saw early on the 30th. There’s a sideways-fluctuating rally that precedes a decline around the open. Out of the open, there’s a decline that offers an opportunity to open a long position before 10:00 a.m. From roughly 10:00 a.m. to 11:00 a.m., we’ll have sideways rotation where we rise to meet the nearest resistance and then fall back down to continue rotating along key support. There’s another peak or crest at a high around 11:00 a.m. That’s followed by a decline through that crest or peak through support to meet a secondary support level. We’ll bounce along that support for a bit and then decline through multiple support levels.


There’s a brief and easily missed peak or crest midday followed by another decline through multiple support levels. There’s a lot of decline between noon and 1:00 p.m. That’s followed by three crisscrosses through the same price level confirming a bullish trend and a rally around 2:00 p.m. or 3:00 p.m. That rally offers an opportunity to open a short position. There’s a failed attempt to break through key resistance followed by a decline through key support in the last hour. You could close out of that short position in the last hour. At the close, if we’re in a sideways-fluctuating decline there’s an opportunity to open a long position for a swing trade.



Sneak Preview


On June 1st, there’s a notable breakout and move higher.




57 views0 comments

Comments


bottom of page