S&P500 Forecast for Wednesday, April 6th, 2022


Theme:


A breakdown through support to meet another support and then bounce along before breaking down through multiple levels. This happens after a bit of a rally.


Overview:

There is a high correlator in the pre-market and some sideways fluctuation with an upwards trend Right around the open. There is a push higher in the first half hour, but be cautious. The high turns into a decline that meets support, and there is a day’s low between roughly 10am and 11am. We push a bit higher between 11am and noon to meet resistance, and then midday we have another high correlator. There is another resistance level highlighted between roughly 2pm and 3pm. In the last hour we have some selling from nearly overbought territory on the RSI. There is a peak and profit taking from that position. In the last hour we also have a bit of a rally that is likely a fake-out around the close. Also around here, we move a bit higher, and there is a low correlator towards the end of the day. An agreement between two leaders is also going to be highlighted.


Sneak Preview:

We have a lower low and there is a good opportunity to short around midday.


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