November 7, 2022 S&P 500 Predictions (RATED)

Updated: Nov 30, 2022

*Accuracy rating update: 91% or 10/11 predictions correct*

Day’s theme: A prominent move higher, however this is nullified and counteracted.

Behavior around the high: There’s quite a bit of volatility around the high. We’ll also meet the high at a key resistance level on a multi-day chart.

Behavior around the low: The low is in close proximity to a move higher through a resistance level. We stay above that resistance level briefly and then break back down through that same price level.

Trade opportunities:
An opportunity in the midst of a low between around 11:00 a.m.

Overview:

On November 7th, we revisit a crest in the midst of some erratic behavior in the pre-market. There’s also a notable decline on a one-day chart in the pre-market or right around the open. We’ll have a day’s low in the early morning and a sideways S-formation between a resistance and support level. We attempt to establish support at a minor crest or peak between 10:00 a.m. and 11:00 a.m. We revisit the low from early in the morning around this time. There’s a trade opportunity in the midst of that low.

There’s a sharp decline midday after an unexpected failed attempt to break through a key resistance level on a one-day chart. We’ll be range bound with a move to the upside between noon and 3:00 p.m. Somewhere in that timeframe there’s a high and three pokes through the same price level at the upper end of the range. We’ll then see a sharp drop after that third poke and decline pretty hard in the last two hours of trading. We’ll continue to move to the downside either around the close or overnight.