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S&P 500 Predictions for October 23, 2023 (Early Access)

Updated: Sep 26, 2023



  • Day’s Theme: A significant trade opportunity.


  • Behavior Around the High: We’ll decline to visit a support that we recently met once before.


  • Behavior Around the Low: The low forms after a rally ends with a breakdown through a diagonal trend line.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around a decline to and through support.



Overview


On October 23rd, we’ll have a notable move higher that pushes the upper end of a range higher in the pre-market. There’s then a brief peak that’s easily missed followed by a decline through multiple support levels around the open. I would open a long position at that low. That will take us to a low for the day between roughly 10:00 and noon. Between 11:00 and noon, there’s a move to the upside to successfully turn resistance into new support. There’s a notable move to the upside in the middle of the day, likely around 1:00. I would close the previously opened long position after that move. There’s then a notable drop between 1:00 and 2:00. We’ll then have a sharp drop that stands out within a period of sideways rotation between 2:00 and 3:00.



Sneak Preview


A peak followed by a sharp drop.






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