S&P500 Forecast for Friday March 18th, 2022


Theme:

Sideways price swings and fluctuation.


Trade Opportunity:

Around important support or the establishment of it.


Overview:

There is sideways fluctuation in the pre-market followed by a very notable move to the upside right around the open. This marks an opportunity to open some short positions and protect against longs. We have a sharp decline in the first half hour off of that high and we meet support in the following hour. There is also a sudden move higher within the midst of some sideways rotation and it marks the end of that rotation. From noon to 1pm there is a big push to the upside off of support and it will be a prominent move followed by three crosses through a price level, confirming a bullish trend. Between 2pm and 3pm we have a move higher along a diagonal trend line, breaking through horizontal resistance and then moving higher to meet a second resistance before pulling back to somewhere between those two price levels. In the last hour we have a male ruler that is highlighted and a sharp decline from a crest or peak at the close. There is an opportunity to open some calls in the post-market and a push to the upper end of a range.


Around the high we have a decline through support and the price level of that high will not be revisited within the timeframe of that reading. Around the low there is a good opportunity to open some new positions and cash and roll old.


Sneak Preview:

An important level is highlighted and something to do with the intersection of multiple trend lines.


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