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S&P500 Forecast for Thursday, July 7th, 2022

Updated: Sep 5, 2022


Big move to the upside to reach distant resistance.


We have a move higher in the pre-market through horizontal resistance and we stay above it briefly before breaking back down. There is a trade opportunity around the open and we fall to and through support. We bounce along that and break down through more until there is rotation along support. In the first half hour, we have increasing bullish sentiment and we establish new support at a day’s high between 10 am and 11 am. A male ruler, likely the President, is highlighted in this hour, and generally, there is a holding pattern until some sort of decision is made and we have a move from support to resistance. Then we move back down to support between roughly noon and 1 pm. We meet a low here around the 1 pm to 2 pm hour in the midst of some volatility that increases. We successfully turn resistance into support in the following hour and I am advised to be prudent here. There may be multiple false tops and bottoms or some surprise. There is a piece of news that comes out around the close that results in a move higher and an equal move back down, resulting in a trade opportunity. We have a breakout in the post-market.

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