S&P 500 Forecast for Friday, April 9, 2021

Updated: Aug 8, 2022

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81% (10.5 correct statements out of 13 statements.)

Out of destruction comes new hope. In the premarket there is a consolidation/rebalancing reflected in a sharp dip within a period of bullish rotation. Optimism is brewing on the Street. Around the open there is excessive selling due to indecision regarding an important decision. At the open there is a breakdown through a support level after testing resistance twice. The S&P then bounces along that support level before breaking down through multiple support levels. This breakdown is followed by sideways bullish rotation through roughly 10am est. Between approximately 10am through 11am est an important milestone is reached as the S&P moves sideways crossing the same support/resistance line three times. The day’s first low forms roughly between 10am and 11:30am est. What was cause for bullish sentiment is abandoned due to disillusionment. Between roughly 11am and 12pm est there is a decline through support which was preceded by a crest that forms at a level not to be seen again today. Suddenly between approximately 12pm to 1pm est there is EITHER a notable move higher followed by strong decline through multiple support levels to reach the second low of the day OR there is a very swift drop through multiple support levels to form the day’s second low. Around mid-day I may decide to trade around a male business leader who provides inspiration regarding an improving financial situation. Between roughly 1pm through 2pm est unexpected news causes a strong decline through multiple resistance levels. The sharp decline transitions into bearish rotation that significantly increases in volatility between around 2pm and 3pm est. In the last hour of trading an absence of reason on the Street is reflected in a powerful move higher on huge volume. The S&P is rangebound around the close. In the post market an intersection of trend-lines is reached and successful fulfillment of classic technical analysis is exhibited. In the post market help comes from an unexpected source and the situation improves.

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