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S&P500 for Wednesday, July 6th, 2022

Updated: Sep 5, 2022


Theme:

A fast, sudden move higher marking the end of a period of decline.


Overview:

It looks like we have a low in the pre-market and there is volatility that increases as we move forward into the open. Out of a decline, there is a prominent move higher and it looks like there is a crest that forms around 10:50 am. We are selling from near overbought territory. There is an agreement between two leaders highlighted between 10 am and 11 am, and a move higher to meet a day’s high or prominent crest here between 11 am and noon. We rotate sideways along support in the following hour and there is a fast, sudden move higher marking the end of a period of rotation. We go from a day’s high to rotation and then there is another pop higher. It looks like there is a trade opportunity in the midst of a decline as we sell from near overbought territory on the RSI between 1 pm and 2 pm. Congress is highlighted and there is a notable move to the downside somewhere in here around the 2 pm to 3 pm hour. There is a move higher, pushing the upper end of a range in the last hour, crisscrossing back and forth three times through the same price level. This is right around the close, confirming a bullish trend. We have more bullish movement in the post-market.



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