S&P500 Forecast for Tuesday, May 31st, 2022


Theme:

A criss-crossing back and forth through a price level roughly three times. We have a U-shaped dip between two peaks. Off of the low we will see moves higher along diagonal trend lines to break through horizontal resistance to meet a second resistance and then pull back.


Overview:

We revisit a crest that was an opportunity in the pre-market. There’s some erratic behavior along a price level and then we have a notable decline around the open to reach a low. We decline throughout the whole morning and we reach a bottom somewhere midday. We move a bit higher after 1pm and fail to break through resistance. We decline through support and then we have a sharp dip within a period of volatility between 2pm and 3pm. An agreement between two rulers of nations is highlighted in the last hour, and there is a trade opportunity. We should see another day’s low correlator in the midst of some price swings in the post-market.


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