S&P500 Forecast for Monday, June 6th, 2022


Theme:

A notable dip within a period of volatility. It is nullified because there is no correlation.


Overview:

There is a notable dip in the pre-market. We move higher through resistance and possibly a second. We pull back from that level close to the open. We fall through support and hit a second that we bounce along. It looks like there is a decline that increases in momentum as we move forward into the day. Out of the open, there is a completion. There is a little bit of a rally between 10am and 11am. We likely revisit a crest in the morning, and we decline. There is a low around 10:45am after a little bit of a crest. We move higher above resistance to a prominent high out of that low. They are in close proximity to each other based on the correlations. We move higher to revisit a crest again, possibly the one we fell from. There is a big move higher midday and sideways rotation with a decline between 1pm and 2pm. We have a rally out of a prominent trough that increases in momentum as we move forward throughout the day. There is a trade opportunity in the midst of a fast, sudden move higher. There is a trade opportunity in the last hour in a move higher, and opportunity to cash in. We fall from attempting to establish support, and in the post-market, we see a crest and we move along support. We break through horizontal resistance and then meet a second before pulling back between the two.

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