S&P 500 Forecast for Wednesday, August 5, 2020 Markets

Updated: Aug 1, 2022

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91% Accuracy (10 correct statements out of 11 statements.)

Day's Theme - Volatility & wide swings AND/OR strong rally higher. Premarket rally. There will be sideways movement or swings out of the open. A brief high around the open followed by a decline. A low around 10am -12pm est. that will be highlighted by something related to a relationship between two rulers is highlighted; at least one of which is female (I'm guessing Nancy Pelosi although it could be Trump Xi related.) A big move higher starting around 11am -12pm est.The rally loses some strength AND/OR moves sideways around 1pm -2pm. After the brief stall, the market continues to rally and strengthens moving into the close. May reach a new 8-month high.

1-Day High - Premarket through 10am est. AND/OR mid-day (probably around noon) AND/OR around the last hour of trading.

1-Day Low - between 10am and 11:30am est. AND/OR around the last hour of trading.

Planned Trades - Trade windows 10am - 11am est. AND between 1pm - 2pm est. AND around the close.

I plan to:

1) 10am Buy back some short call positions and opened new long positions around 10am.

2) 10am Roll short positions with near term expiration dates out to the end of august.

3) 2pm-4pm Sell calls against the long calls already owned to protect profits.