S&P 500 Forecast for Thursday January 6th, 2022


Theme:

Sideways price swings, fake out towards the end of the day.


Overview:

Congress is highlighted in the pre-market, with a move higher along diagonal trend line to break and reach a resistance level before pulling back. In the first half hour we have selling to or through a support level. From 10am to 11am we have a sharp decline, and some sideways, downward volatility that may have something to do with Congress or litigation in the following hour. From 12pm to 1pm we have a sharp move to the downside through notable support. This level will be signified by the Knight of Disks, there is a move higher off of it. From 2pm to 3pm there is another sharp decline. There are three failed attempts to break resistance, followed by a sharp decline in the last hour. In the post-market we have a huge decline. Around the highs we have definitive downward trends, and around the lows there will be peaks through resistance followed by breakdown through price levels to reach low.


Looking to Tomorrow:

Multiple failed attempts to break resistance.



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