S&P500 Forecast for Friday, June 10th, 2022


Theme:

Range bound, but it is nullified.


Overview:

We fell pretty hard overnight, so we have a move higher in the pre-market after a decline. This move higher is also around the open. I am advised to be cautious, there is a trade opportunity, but I don’t trade during retrograde. We have an opportunity in the midst of volatility to open up a position in both directions and play both sides of the market. We attempt to establish support in the first half hour, and there is a big move between roughly 10am and 11am. There is an important decision or agreement between two leaders that is highlighted in the following hour. Around midday, we have the completion of a rally. There is a bit of a trough and a crest there as well, and we decline from a high down to support from that crest. If this is not around noon, it will be around 2pm-ish. We have sideways movement along support between roughly 2pm and 2pm, and there is a trade opportunity in there as well. Then we have a decline that increases in momentum as we move forward in the day. There is a trough that moves into a crest at the end of the day and right around the close. We have a move higher through resistance followed by a decline back down through the same price level. In the post-market we break out from the low. We decline with spikes, each consecutive one being lower, reaching moving averages.

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