S&P500 Forecast for Friday, May 27th, 2022


Theme:

A deep dive, a sharp down day.


Overview:

We go back and forth through a price level and revisit a problem right around the open that brings a notable decline. This is something to do with an agreement between two leaders. The first half hour is really going to bring a decline and a trade opportunity just prior to that. Between roughly 10am and 11am we have a failed attempt to break through resistance and a decline through support. The decline continues until roughly 11:30am and we have a rally that commences around a low. There is also a fake out at the day’s low. This rally marks an opportunity to short again or open up some protection here at the midday point. Then we have resistance that is met and followed by a decline that increases in volatility as we move into the day’s low again. The day’s low is somewhere around 2pm and we push higher into the last hour. We bump along resistance and this marks an opportunity to open some protection or short some positions again. Right around the close we have a peak and a decline, with a male ruler highlighted. In the post-market, there is a big fake out.


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