S&P500 Forecast for Tuesday, May 24th, 2022


Theme:

A fast, sudden move higher, marking the end of a period of decline.


Overview:

In the pre-market there are some strong headwinds and we go up, bumping up along resistance. Right around the open, we have selling from overbought territory on the RSI. We have a selling down in the first half hour, but it does not look like it lasts. We have a big push higher between roughly 10am and noon to reach a day’s high. We will see a decrease in volume and activity and it will chill out for a little bit. Then we have an opportunity to open short positions. We have a rally with a notable drop in the mid of it or a notable drop with two rallies on either side. This is near a key technical level right around the close. It is signified by the Science card or the Six of Swords. We are going to expect a move higher but we fail to break resistance and move down through support levels in the post-market.


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