S&P500 Forecast for Thursday, May 26th, 2022


Theme:

A selling off from an overbought territory.


Overview:

We will be opening lower. There is sideways fluctuation in the pre-market and right around the open. We move higher in the pre-market with sideways bullish rotation and a move higher from support to resistance. This whole movement takes place within the first hour and a half. Here is a low between 10am and 11:30am, with a trade opportunity surrounding the 11am mark. I am advised to be prudent around a crest, and there are multiple failed attempts to break through key resistance. We decline some more and it looks like we possibly have an attempt to re-establish support between roughly 1pm and 2pm. Then we have some sideways erratic behavior and if I am long I will get out around 1:15pm. We see a push into the end of the day and then a decline through support, meeting a second in the post-market. It looks like a selling from overbought territory takes place at the end of the day and moving into the following day.


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