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S&P 500 Forecast for Monday, August 24, 2020

Updated: Aug 1, 2022


100% (10 correct statements out of 10 statements.)

Day's Theme - Gap down followed by a strong rally to resistance in the post market OR a gap up in the premarket followed by a decline to support around the open. Bounces around a support/resistance level from the open until roughly 10:15am est. From roughly 9:45am to 11:15am est. there is a decline AND/OR more sideways movement. At roughly mid-session there is a completion of a trend. Around 12:30pm to 2pm est. there will a notable drop off of a peak AND/OR more rotation & sideways movement until roughly 3pm. A brief rally to a resistance level followed by a dip below it. Closes higher but off of the high AND/OR closes lower but around a level that will become a notable pivot point. Indecision with sideways movement AND/OR prices swings in the post market.

1-Day High - Following day.

1-Day Low - Strong decline to the low.

Planned Trades -

1) I plan to sell to close long calls at the open.

2) At the open I plan to sell to close long equities in exchange for buy to open Sept ATM calls + Sept ATM puts in anticipation of a near term decline.

3) I plan double down on shallow OTM puts around 12pm-1pm est. AND/OR around the last hour of trading.

4) I plan to buy to open some shallow OTM long calls AND/OR ATM long calls around the last hour of trading.

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