S&P500 Forecast for Thursday, May 19th, 2022


Theme:

Sideways fluctuation with a bullish trend.


Overview:

An important price level is highlighted in the pre-market and out of a decline we have a sudden, fast move higher. This marks the end of a decline, and around the open we have some bullish sideways movement. There is an opportunity to open some short positions in the midst of that around 10am to 11am. In the following hour, we move higher through resistance and break back down through it before moving to the upside again. It looks like there is a lot of volatility here and this move to the upside is an opportunity to close out some positions. We attempt to re-establish support between 2pm and 3pm, and we revisit a high. We break back down into the end of the day, and there is a notable decline to reach a low in the last hour. Right around the close we reach the low and then we have bullish rotation in the post-market.


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