S&P500 Forecast for Tuesday, April 19th, 2022


Theme:

Breakout that doesn’t hold.


Overview:

In the first half hour we have a breakdown to a support level that we bounce sideways along. There is a low right around the open. In the first half hour there is a bit of a decline. We move higher through resistance and then back down through the same price level, creating an A shape. We have sideways fluctuation with a decline trend that precedes a rally. There is important resistance highlighted and a creat between roughly 10am and 11am. We have three pokes through resistance and then a sudden dip back down to that first resistance we had broken through. There is a notable decline around 12:30pm, give or take 15 minutes. Then we have a move higher off of support. It’s a sideways rotation to becomes more of a rally with increasing momentum as we move towards the end of the day. We successfully turn resistance into support between 2pm and 3pm. We revisit a crest that was an opportunity in the midst of some erratic behavior around the price level that we have been going back and forth around. That is in the last hour. We have a fast, sudden move higher around the close. There is a decline in the last half hour. Congress or foreign leadership is highlighted in the post-market.


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