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S&P 500 Predictions for September 8, 2023

Updated: Aug 16, 2023



  • Day’s Theme: Sideways rotation followed by a notable move to the upside.


  • Behavior Around the High: We’ll move higher into the high, even in the face of seemingly overwhelming headwinds.


  • Behavior Around the Low: Three pokes through the same price level followed by a sharp decline into the low. This is somehow nullified, however.


  • Exclusive Trade Opportunities for Subscribers:

    • An opportunity to open a short position around 11:00. You could close that around 11:50.

    • An opportunity to open a short position toward the end of the day after we rally to the upside.

    • An opportunity to open a long position after closing the short position around 11:50. I would close that after a move higher midday.



Overview


On September 8th, we have a sharp drop and revisit a support level in the midst of sideways rotation in the pre-market. Around the open, there’s a big move higher where we successfully turn resistance into new support. In the first hour, we’ll have a trough around 10:00 and volatility followed by a fast move higher. There’s a peak or crest around 10:45. Around 11:00, you could open a short position. We’ll turn resistance into new support momentarily. We’ll then decline pretty notably between 11:00 and noon. You could close the short position previously opened around 11:50. At that point, you could open a long position. There’s a trough and possibly a low for the day. We’ll then move higher out of that trough midday. You could close the long position after that move higher. There’s a crest around 1:00 but I’m advised not to chase that rally. There’s a decline off of that crest followed by a move to the upside that reaches for distant resistance. At the end of the day, there’s an opportunity to open a short position after a rally.






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