S&P500 Forecast for Friday, June 3rd, 2022


Theme:

Big move higher.


Overview:

There is a big move out of a decline in the pre-market and a correlation to yesterday’s low right around the open. There is a notable move higher out of that low that takes place. We pass through resistance and break back down through that same price level between roughly 10am and 11am. There is a bit of a trough that forms around the 10:30ish mark. There is fluctuation along support moving into noon. We have a notable move higher midday and a rally forms but we are range bound. We do not break out between 1pm and 2pm, and there is a U-shaped dip in the following hour. This is near some diagonal intersecting trend lines. We move higher in the last hour and successfully turn resistance into support. The close marks a day’s high and a trade opportunity.


16 views0 comments