S&P 500 Forecast for Thursday January 27th, 2022



Theme:

Bumping along resistance levels.


Overview:

I am either at the top of a range or range-bound in the pre-market. I am advised to be prudent because of multiple highs and lows in the first half hour. We are probably going to break higher and then drop. The moving averages are then acting as resistance. Between 10am and 11am there is sideways fluctuation with a slight downward trend, and out of that we push higher, possibly to the 200 day moving average From noon to 1pm, there is a courageous rally out of a decline. We revisit a trough at a low from 1pm to 2pm. In the following hour, there is a big push to the upside. In the last hour, there is another big push to the upside. There is a huge move at the end of the day off an opportunity to open some long positions.

The high forms from a breakout and the low forms from a selling off a peak or crest around 80 on the RSI.


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