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S&P 500 Forecast for Tuesday, November 2, 2021

Updated: Oct 3, 2022

Theme:

Strong move to the upside, it is going to be a big day. The theme card for the day is the same as it is in the one-month overview for November.


The Behavior Around the High:

Lots of volatility, back and forth.


The Behavior Around the Low:

Big move to the upside to reach a distant resistance level. Look for news to be highlighted around 11:00am.


Overview:

There is a push to the upside in the pre-market with some back-and-forth movement right around the open. There is another push higher in the first half hour. There is a disappointment with bouncing along a support level. There is an unexpected failure between 10:00am-11:00am, which could result in a very deep low, followed by another push to the upside. This push goes through noon. Between noon and 1:00pm there is a big move higher and a big move back down, forming an upside-down U in the following hour.


There is a big move to the upside, along with a trade opportunity midday. By 1:00pm we should see a decline to a low. There is another trade opportunity between 1:00pm-2:00pm, and there is a reversal before 3:00pm, along with profit taking off of a peak. We will probably be in the hundred range of the RSI, so really overbought. In the last hour there is a sharp move to the upside within a period of volatility, marking the end of this volatility. The low is around the close or in the post-market, which is correlated to a day’s low.


Looking to Tomorrow:

There is a higher high tomorrow, and a notable price level becomes a technical level.






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