S&P500 Forecast for Thursday, June 23rd, 2022


Theme:

Important trough or prominent decline into a trough. Sideways fluctuation with a bullish trend.


Overview:

We have a move higher in the pre-market. I think there is a gap down from being oversold. We move higher and there is a low correlator and trough early in the morning. It looks like an opportunity to open up long positions. There is a move higher out of the open to meet resistance and then we fall with consecutively lower spikes up to meet moving averages on the way down here. We meet important support between roughly 10am and 11am. Then we have a rally that takes off and there is a sudden move higher before noon. There is a fast, sudden move higher to meet a high around 1pm, and then we fall from support to meet a second support. We move sideways around the 2pm hour and then we fall further to support. This is an important support and then there is another move higher that marks the end of a period of rotation. We fall and break down through diagonal trend with increasing volatility on the way down as we move into the close. Around the close, there is another move higher that marks of a period of decline. We revisit an important, past opportunity in the post-market.

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