S&P500 Forecast for Wednesday, June 22nd, 2022


Overview:

We move to the upside here early in the day and then there is another move midday. There is a fake out and a sharp decline off of the day’s high on the one-month overview. It looks like we have a low either in the pre-market or right around the open. This is either a trough or a day’s low. Then we have a move higher in the face of some headwinds, and we move notable higher out of the open. There are sideways fluctuations and upward trends in the first half hour, and there is a reversal and almost full retracement. We have another move to the upside in the midst of volatility that picks up momentum as you move forward into the 12pm hour. There is going to be a lot of back and forth going on there. That opportunity is to open up long positions with the intent to sell them in the next hour. When we have that push back higher again, this would be a notable opportunity in a move higher out of that decline that takes place midday. This is followed by a decline through support to meet secondary support and then reach a day’s low between 2pm and 3pm. We drop to that second support and then move along that sideways and there is a cash-in opportunity. If you went short in the midst of that pop higher out of the decline I would say that this is a good time to get out of that position. There is another move higher to reach overbought territory and there is profit taking around the close. In the post-market, we have back and forth sideways movement and crisscrossing through the same price level three times before confirming a bullish trend.


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