S&P 500 Forecast for Wednesday, August 12, 2020

Updated: Aug 1, 2022

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95% Accuracy (19 correct statements out of 20 statements)

Day's Theme - Temporary Hardship. Sideways movement AND/OR multiple reversals. Rotation. Rebalancing. News having to do with unemployment or heavy debt. A costly illness may be involved. Reconsideration of investments that were previously rejected. In the premarket; either a rally off of a gap down AND/OR a rally in the premarket and through the open followed by a brief but sharp decline. At least one reversal between roughly 9:40am and 12pm est. After a trough that will take place between 10:30am and 12pm est. there will be a very significant move higher that commences around 12pm est. when a male leader is highlighted. This leader ignites a powerful rally that continues through the close. At least two notably distant resistance levels will be reached. Around the last hour of trading it crosses back and forth through a support/resistance line. Range bound in the premarket. Finishes close to even with today's open AND/OR finishes close to even with the prior day's high or with today's high.

1-Day High - Multiple peaks: between the premarket and 11am est. AND/OR between 12pm and 1pm est. AND/OR in the post market. May pass a new multi-week/month high around 1pm-3pm est.

1-Day Low - At the gap down AND/OR a sharp but brief decline between the pre-market and 10am est. AND/OR a second trough forms between the 10am and 12pm est. but its pretty much a rally the remained of the day.

Planned Trades - 1) Go long at the open. I will treat any dip before 10am est. as an opportunity to 2) close near expiration profitable short positions and 3) add to long positions.