S&P500 Forecast for Thursday April 7th, 2022


Theme:

Spikes meeting moving averages that act as resistance but each spike is lower than the last.


Overview:

Congress is highlighted in the pre-market and there is a trade opportunity right away. There is a breakdown through support to another and then there is some bouncing along resistance in the first half hour. It looks like there is a notable trough between roughly 10am and 11:30am. Then there is a bit of a move to the upside off of the support level. We reach the low before 11:30am and then we push higher between roughly 12pm and 2pm. Then we have a notable decline to meet an important bottom for the day. There is a trade opportunity right around the close, and a failed attempt to break through resistance followed by a breakdown through support right around the close. Then we have some back and forth behavior through the same price level that confirms an upward trend happening in the post-market.


I advise everyone to be careful. There is a fake out on the high, and the high and low for the day are in close proximity to one another.


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