S&P500 Forecast for Monday, April 18th, 2022



Theme:

Multiple failed attempts to break through key resistance.


Overview: There is a spike up in the pre-market to meet moving averages as resistance. We fall further and spike up less and less with each consecutive spike. We move through resistance and then back down through that some price level briefly, creating an A-shape. That takes place roughly around the open. We have a high in the first half hour and a selling from it between 10am and 11am. We meet support in the following hour and then revisit that testing of resistance around midday. We decline between 1pm and 2pm, and then a fast, sudden move higher that takes place in the following hour. In the last hour of trading there are three criss-crosses through the same price level. The third cross indicates a bullish trend. We decline right at the close and move further. There are a lot of negative headwinds in the post-market but we keep pushing higher.


Sneak Preview:

Decline with increasing momentum.


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