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October 18, 2022 S&P 500 Predictions (RATED)

Updated: Dec 1, 2022

*Accuracy rating update: 91% or 14.5/16 predictions correct*



  • Day’s theme: An attempt to establish support on a multi-day chart.


  • Behavior around the high: A notable move to meet the high and a notable move off of the high.


  • Behavior around the low: Nullified behavior around the low.


  • Trade opportunities:

  • An opportunity around the high.

  • I’m also advised to open up protection in the midst of a misleading move to the upside a bit before midday.

  • There’s an opportunity to close out of puts at the close.


Overview:


On October 18, 2022, we have an important price level highlighted at resistance in the pre-market. Volume wanes a bit around that price level. Right around the open or within the first half hour, we have a notable move to the upside where we attempt to establish a new support. This attempt fails, however. Between roughly 10:00 a.m. and 11:00 a.m., there’s a decline off of a fakeout. We decline to and through a support level, we meet a secondary support level, and we then bounce along that for a bit. That is followed by a breakdown through multiple support levels. Between 11:00 a.m. and noon, we have a notable move to the upside that stands out on a one-day chart. I’m advised that this move to the upside is misleading and I should open up protection in the midst of this upward move. It will likely be a false breakout.


Around noon, there’s some sideways rotation with a fast, sudden move to the upside marking the end of that sideways rotation. That move to the upside does not last, however, and the price movement turns quite bearish toward the end of the day. At the close, there’s a trade opportunity to close out of puts. Right around the close, there’s a notable move higher that reaches for distant resistance.


Sneak preview:


A notable decline early on the 19th.





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