S&P 500 Predictions for September 1, 2023

• Day’s Theme: A sharp drop that stands out within a period of volatility.

• Behavior Around the High: The establishment of support followed by a big move to the upside.

• Behavior Around the Low: Quite a bit of volatility and an improbable opportunity.

• Exclusive Trade Opportunities for Subscribers:

  • An opportunity to open a long position before a move to the upside in the morning. I would close that after we move to the upside in the first half hour.

  • An opportunity to open a short position when you close the long position at a high in the morning. I would close that after we decline into a trough midday.

Overview

On September 1st, there’s a decline to a low in the pre-market and a trade opportunity around the open in the midst of price swings. You could open a long position before a move to the upside. We’ll establish support and there’s a big move higher in the first half hour to reach a high where we’ll establish a new support level. You could close the long position after that move to the upside. That move to the upside offers an opportunity to open a short position after closing the long position. There’s an opportunity to close that short position after we decline into a trough midday. Somewhere between noon and 1:00, there’s a rally into key resistance and then we’ll break down from that with consecutively lower spikes up on the way down. We’ll come into another trough between 1:00 and 2:00. That’s followed by a big move higher and a decline off of that move higher.

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