S&P500 Forecast for Thursday March 3rd, 2022


Theme:

Something hidden comes to light.


Overview:

There is a U-shaped dip with some technical, perpendicular diagonal trend lines with a move higher in the pre-market. We successfully create new support out of resistance. There is a sharp decline and some price swings right at the open. There is an agreement between two rulers highlighted in the first half hour. We have a lot of bearish stuff going on, and we could open short positions, buy puts, or protect long positions here roughly around 10am to 11am. We will revisit a notable support level between 11am and noon. Then we have a breakout in the following hour, and a surprise failure. We break down through support as a result between 1pm and 2pm. We have some sideways fluidity and equal inflow and outflow between 2pm and 3pm. There is a bit of a notable decline in the last hour of trading, possibly with a J-shaped or U-shaped dip. There is a big push higher at the close and it looks like there is a trade opportunity at the very end of the day, possible to close and open a position.


There is going to be a prominent move higher from a support level to reach the high. Then we have a failed attempt to break key resistance followed by a breakdown through support to reach the low.


Sneak Preview:

We have a big push higher, possibly with a long, upside down J-shape.


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