S&P500 Forecast for Thursday, June 2nd, 2022


Theme:

Opportunity to position oneself on both sides of the market.


Overview:

We have a deline with spikes up to meet declining moving averages in the pre-market. There is an opportunity in the midst of a decline right around to open to open up a long position. We move higher in the face of some headwinds. Early in the morning there is an opportunity. There is a drop and then a pop higher to what looks like a day’s high or an important peak or crest in the first half hour at resistance. There is a successful creation of new support and breaking through resistance to breathe support. The new support takes place roughly between 10am and 11am. There is a bit of a trough and a move higher to reach a day’s high. This is the end of the rally that takes place a bit before noon. There is a notable decline based on multiple headwinds that take place midday. We break through a price level and then we decline and increase in volatility as we move into the end of the day. We have a sharp dip to reach support and that was a past opportunity. This is in the midst of sideways rotation. There is an opportunity just before the end of the day, maybe around 2:30ish, to position oneself on both sides of the market. Around the close is another opportunity and we break down to meet support and bounce along before breaking down through more. There is a fast, sudden move higher in the pre-market.


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