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S&P500 Forecast for Tuesday, June 14th, 2022

Updated: Sep 5, 2022


Decline. We have a move from an important price level down to support. We bounce along and break down through more.


We had a gap down overnight and in the pre-market we have a bit of a push higher. We have a first day’s crest around the open. There is a notable move higher that is retraced, so it is like an upside down capital J. We have more of them and then we move higher along a diagonal trend line. We break through horizontal resistance and meet a secondary resistance and there is a reversal. This is roughly between 10am and 11:20am. Then we sell deeply through support down to a day’s low and we come back up and meet support. There is a notable move there in that selling and it happens around midday. There is increasing volatility that picks up having something to do with Congress. We have a successful move higher, creating new support out of resistance. There’s an opportunity to open puts or protect against long positions in the midst of that rally. We sell pretty hard after a failed attempt to break through resistance. Everybody is expecting us to break resistance, but instead, we turn around and head south through an important support level that is correlated with the theme card. There is a bit of a rally around the close and I am advised to be cautious. We probably have a failed attempt to move higher at the end of the day.

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