S&P500 Forecast for Monday, May 23rd, 2022



Theme:

An opportunity to cash in and trade.


Overview:


It looks like we are going to have a bullish day. There is an opportunity to cash in at a low in the pre-market. This low comes with a decline that increases in momentum as we move forward in time. We have volatility that increases as we move into the first half hour of trading. Price swings are going to look bullish and bearish at certain moments. We are going to have an opportunity around a high and a low here first thing in the morning. Between roughly 10am and 11am we have a decline and we revisit problems from the past. The decline continues through noon but in the midst of it there is a rally around 11:15am. It looks like we decline roughly through noon and then we rally between roughly noon and 2pm. There is an opportunity in that rally to open some short positions. We attempt to establish support between roughly 2pm and 3pm. We move higher off of support in the last hour, moving along a diagonal trend line and breaking through and then coming back in between two price levels right at the close. We have a failed attempt to break resistance, followed by a decline through support in the post-market.


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