S&P Forecast for Friday, June 17th, 2022


Theme:

Prominent move higher.


Overview:

We gap down and there is an opportunity around the open to position oneself on both sides of the market. I will likely be opening call right around the open. There is a decline to and through support and then we break down through more. It is likely there is an opportunity to open some calls with that fake out in the first half hour. We bounce along support from 10am to 11am. There is a trough in the midst of a holding pattern between roughly 11am and noon. It turns into a big move higher in the face of negative headwinds. We break through resistance and the rally picks up steam moving out of the midday breakout. There is a trade opportunity and it looks like a scalping opportunity. Then we sell from that big move down to support and then back up to use that support again in the last hour. There is an attempt to establish support near overbought territory right around the close. It looks like we failed to establish support and there is an opportunity right around the close to open up short positions or puts and protect against longs.


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