S&P500 Forecast for Tuesday March 8th, 2022


Theme:

Congress or a foreign government agency is highlighted and there is a sharp decline as a result.


Trade Opportunity:

Look for a big push to the upside in the midst of a decline.


Overview: We have three crosses through the same price level in the pre-market and the confirmation of a bullish trend after the third cross. I am advised to be prudent around the open because we drop from resistance to support and bounce sideways along it in the first half hour. This continues into a bigger decline between 10am and 11am, during which we break down through an important support level. In the following hour there is a big move higher with either a J or upside down U shaped rally. There is an intentional fake-out or shakeout and a break through an important resistance level between 12pm and 1pm. We reach an important bottom for the day in the following hour and have another important price level that’s highlighted. This is the intersection of multiple trend lines. In the last hour there is a decline with spikes that hit resistance, which are the moving averages. In the post-market there is a big move higher, probably some sort of fakeout, a spike higher around the close.


We visit an important price level around the high. We create at least temporary support out of the low, and a male ruler will be highlighted.


Sneak Preview:

Multiple failed attempts to break key resistance.


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