S&P500 Forecast for Thursday March 10th, 2022



Theme:

Big move higher, either an upside down U-shaped or J-shaped rally.


Trade Opportunity: Around a sharp, notable decline.


Overview:

In the pre-market we have a sharp decline through an important support level. The open is followed by a big move higher to reach distant resistance in the first half hour.There is a cash-in trade opportunity between roughly 10am and 11am. In the following hour, we have a push higher through resistance and we hang out above that level briefly before we break back down through the same price level. There is resistance that holds between roughly 12pm and 1pm, and we break down into more and more volatile, sharp behavior as we move through the hour. There is a sideways trend that forms with equal amounts of bulls and bears. We have another move higher through resistance that we quickly break back down from, forming another A-shape between 2pm and 3pm. In the last hour of trading we have a move to the upside that starts out like a bullish rotation and increasingly becomes more and more bullish. As we move towards the close, we sell from near overbought territory and sell down from that around the close. We break down through diagonal trend with increasing volatility on the way down in the post-market.


Around the high there is going to be a notable, prominent move to reach the high. We meet the low after multiple failed attempts to break resistance.


Sneak Preview:

There is going to be a lot of back and forth volatility.


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