S&P 500 Forecast for Wednesday, November 3, 2021

Theme:

A selling off an overbought territory from a peak. Although, it is nullified because there is no correlator in the current timeline.

Behavior Around the Highs:

This is also nullified; it is the Game card. In a case like this, where a strong, bullish card is nullified, it will indicate a move to the upside that will be cancelled out somehow. There will be notable moves to the upside off of support.

Behavior Around the Lows:

Three failed pokes through a resistance level followed by a decline.

Trade opportunities:

There is one midday and one around the low between 1:30pm-3:00pm.

Overview:

In the pre-market we have a sharp dip within a period of volatility. Right around the open there is a decline through multiple support levels. In the first half hour there is a big push to the upside from a low. It looks like there is a low around the open and/or at 10:00am, give or take 10 minutes. The move continues higher in the following hour, and there is news that comes out around 11:00am. There is some sideways fluidity and back and forth movement between 11:00am and noon.

There is some even more significant price swinging between noon and 1:00pm, which is also a trade opportunity. There is a notable move coming out of this hour, however between 1:00pm-2:00pm there is a range highlighted. We likely bounce against the lower range, which happens likely between 1:30pm-3:00pm. In the last hour we have a breakout from that low, with an additional push indicated around the close and some sideways movement in the post-market.

Looking to Tomorrow:

The Preview card shows a sharp decline.