S&P 500 Forecast for Wednesday, May 11th, 2022


Theme:

Opportunity to position myself on both sides of the market.


Overview:

I’m advised to be prudent around the highs. There are probably false highs or we break out. I think we will try to break out after a high multiple times but we don’t and we go deeper. We have a push higher that is tested on Monday, and we touch that same level or we push through it. We have a big move to the upside in the pre-market, there is a gap up or big push here compared to the day before. There are multiple failed attempts to break key resistance around the open and then it looks like we probably break through it momentarily. Then we have a decline that increases in momentum as we move forward through the 10am to 11am hour. We have another attempt to break through resistance midday and then there is a breakdown through support where we see an opportunity to positions for both sides of the market here. We have a rally from roughly 1pm to 2pm that increases in momentum as we move forward. The day's high is in the following hour, and we have volatility increasing in the last hour. There is a sudden dip around the close and we decline through multiple support levels in the post-market.


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