S&P500 Forecast for Wednesday, June 1st, 2022


Overview:

We ended the month of may at a crest or a prominent peak and we now fall. In the pre-market there is a pop higher and there is a sharp decline right around the open. We do not revisit the level we popped to for quite some time. We have a low correlation and an opportunity to open up a long position here between roughly 10am and 11am. It will be sometime after a notable decline in the early morning. Volatility increases into the following out and there may be a resistance level highlighted. We have a U-shaped dip near two intersecting diagonal trend lines around midday. Then there is going to be an opportunity again to open long positions somewhere here between 1pm and 2pm. There is a move higher and then a full retracement back down. We attempt to establish support here around 2pm to 3pm and then we crisscross back and forth through a price level in the last hour, confirming a bullish trend. As we go into the end of the day I am advised to be cautious. Towards the close there is some volatility, a crest or high, and then sideways fluctuation moving downward as we move into the post-market.


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