S&P 500 Forecast for Thursday, November 18, 2021

Updated: Oct 3, 2022

Theme:

Multiple failed attempts to break key resistance.

Behavior Around the Highs:

Notable moves to the upside and bullish behavior. There is a local high here, the end of the range or trend.

Overview:

We bump up against key resistance in the pre-market. There is a trade opportunity right around the open in the midst of a move higher, followed by a move back down before 10:00am. There is a failed attempt to break resistance around that time as well. Out of a low between 10:00am and 11:00am there is a big move to the upside, which continues into the noon to 1:00pm hour. There is a high at 11:00am, and then another high, or the same high, and a sharp decline, both in the 11:45am to noon range.

We have a rally out of that low that forms midday around 12:55pm. It continues to a notable price level before falling off and dropping sharply again. This is another high correlator and takes place around another high. There are five attempts to break through a resistance level if you include those that are in the pre- and post-market. There is a high in the post-market as well. In any case, there’s a notable price level that is highlighted from 2:00pm to 3:00pm, and then we drop. There is some worry energy, so some sideways, slightly bullish behavior around a price level. Then we move up, right around the close, and it has to do with positive economic data. We level out in the post-market and/or we end up in the upper end of the range.

Looking to Tomorrow:

Three failed attempts to break key resistance, followed by a sharp decline.