S&P500 Forecast for Wednesday, June 8th, 2022


Theme:

Range-bound, but it is nullified.


Overview:

In the pre-market we are bumping against resistance. After three failed attempts to break resistance, we fail and fall through support around the open. The same thing happens in the first half hour and there is a notable decline, and there is a lot of ground covered. An important decision or agreement is made between two leaders, and this is highlighted midday. We have a decline with spikes that are consecutively lower, hitting resistance at moving averages in bearish formation. There are multiple failed attempts to break through resistance here around 1pm to 2pm. Then we have sideways rotation along support that takes place right around the close. There is a trade opportunity, two sideways declines with an include in between. The decline is from a price level, down to support, up to the price level again, using it as support.

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