S&P 500 Forecast for Tuesday February 8th, 2022


Theme:

Notable price level is reached.


Overview:

We see a sudden, fast move higher in a period of decline in the pre-market. We have a selling off from a peak in overbought territory. Then we have a sudden move higher in the first half hour, marking the end of a period of volatility. We criss-cross between the same price level three times, confirming a rally between 10am and 11am. There is a strong move higher out of an established support level between 11am and noon. In the following hour there is a big move upward. We hit resistance and start falling back down. There are three spikes that meet moving averages, roughly between 2pm and 3pm. There is positive economic data that slows a decline and becomes bullish. In the last hour there is an opportunity within a decline to open long positions. There is a peak and pop through resistance in the post-market. There is a big move to get there at the end of the day around the close.


Around the highs we attempt to establish support. There is volatility around the low having to do with legislation.


Sneak Preview:

Trading around the opportunity to open short positions or protect long positions.


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