S&P500 Forecast for Friday, June 24th, 2022


Theme:

Three crisscrosses through the same price level with a notable decline that increases in momentum as we move forward. A prominent crest.


Overview:

A resistance level is highlighted in the pre-market. In the first half hour, we have a notable move to the upside. We have the first cross through the price level between 10am and 11am, and then there is a little trough here. It looks like we have a day’s low around the open and then we move out of that and cross through a price level. There is a trade opportunity there and we break through resistance, but only momentarily. There is volatility associated with a piece of news that comes out when we are near the high. We come down and cross again through the price level and there is an opportunity to cash in and position oneself on both sides of the market. There is a lot of movement going on at the end of the day. It looks like we have a sharp decline and a notable rally. There are price swings and the third cross through that price level is around the close, with selling from overbought territory in the post-market.

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