S&P 500 Daily Forecast for Thursday, April 30, 2020

Day's Theme -

Meets resistance but eventually breaks out AND/OR meets support but eventually bounces. An advantageous position. Bullish even in the face of seemingly overwhelming opposition. Opportunity at the open. Change in trend direction at support and resistance level between 11am est. and 1pm.

1-Day High - will form between 12pm and the post market. Governing authority involved in the Day's High.

1-Day Low - will form between the premarket and 12pm est. Financial authority is involved in the Day's Low.

Planned Trades: Currently holding a substantial long position of OTM May 6, 307 Calls position. I will likely sell against the short sell May 6, 308 Calls against the position at the open. I will buy back the short 308 calls around 11am. est. and hold the long 307 Calls which will now be at a reduced cost basis as a result of the trade just described.




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