S&P500 Forecast for Friday, May 20th, 2022


Theme:

A crest and we sell down through support and then back up through that price level.


Overview:

There is sideways fluidity in the pre-market and a crest is revisited right around the open. We sell down through support and bounce along it before breaking down through more. THere is an opportunity at a day’s low in the first half hour. We could open positions in both directions so it looks like you are going to want to play both directions. I would buy a short position at the open or between roughly 10am and 11am. A price level is highlighted we meet it in the following hour. Then we have a prominent decline between and a big move out of it. We push higher to reach a high between roughly 1pm and 3pm. Between 2pm and 2pm there is volatility and a fast, sudden move higher marking the end of a period of volatility. We meet a high again and continue to move higher in the last hour to reach a distant resistance. There is a day’s high around the close from which we break down through that resistance level.


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