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S&P500 Forecast for Wednesday, June 29th, 2022

Updated: Sep 5, 2022


Theme:

A rally out of a low that increases in momentum and bullishness as we move forward in the day.


Overview:

We have a prominent move in the pre-market and some sideways fluidity along support right around the open. The fluidity is equal amounts of bullish and bears. There is a cash-in opportunity in the first few minutes of trading, and then we have a breakdown from the open to roughly 11am. There seems to be a bit of a rally in there somewhere, and that is an opportunity to open protection or short positions between roughly 11am and noon. We have three failed attempts to break through resistance, followed by a decline. Between noon and 1pm we have three failed attempts to break through resistance again, followed by a decline through an important support level. There are price swings with a big move off of a low between roughly 1pm and 2pm. There is a big move to the downside and then bullish price swings out of that. Multiple failed attempts to break through key resistance between roughly 2pm and 3pm. In the last hour of trading, we have a selling down through support and we rally back up to that price level to use that as support again. There is a cash-in opportunity at support and there is likely new support here as well. In the midst of a rally, we hit resistance and then we start to break down in the post-market.


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