S&P 500 Forecast for Wednesday, November 10, 2021

Updated: Oct 3, 2022

Theme:

A big move to the upside, most likely a short squeeze. There is a big move to bring it back to fair value.

Around the Highs and Lows:

Around the highs we are range-bound, but it is nullified. It is almost like the range does not matter. The low is also nullified, but it would form with three pokes through resistance, followed by a sharp decline. These are likely all within the same period of time.

Daily Overview:

There is some fluctuation in the pre-market, but there is a big move to the upside. Around the open we have a peak up through resistance, followed by a breakdown through it. This marks a trade opportunity. The move continues higher from 9:30am to possibly 10:00am, we should have the main day’s high somewhere within the 10:00am-11:00am range. Then we have another decline, there is a sharp dip within a period of volatility. This happens after the big push, somewhere roughly between 10:00am and 11:00am or 11:00am and 12:00pm.

Around noon there is selling from an overbought location. It is a notable decline to reach support on a one-day chart, and we attempt to establish this support and then break down through it in the last hour. Right around the close there is a breakdown through support to bounce along the next support before breaking down lower. This card signifies a high that will not be met again anytime soon. In the post-market there is a move to the upside, generally out of some sort of difficulty.

Looking to Tomorrow:

Sideways back and forth movement with an upward trajectory.