S&P500 Forecast for Wednesday March 9th, 2022



Theme:

Downward fluctuation, slightly bearish, that precedes a rally. A female ruler may be highlighted.


Trade Opportunity:

Around a big move to the upside.


Overview:

Congress or a foreign government agency is highlighted in the pre-market. There is an opportunity right around the open to position on both sides of the market. In the first half hour, there is a move higher along a diagonal trend line to break through horizontal resistance. We meet a second resistance level and pull back to somewhere between those two price levels. There is an opportunity to cash in on at least one of those positions between roughly 10am and 11am. Between 11am and noon, we have a big push to the upside and we may be rallying out of oversold territory. Either that or we may even gap higher and have multiple failed attempts to break key resistance. Between roughly 1pm and 2pm, we decline with increasing volatility. In the following hour, an important price level is highlighted and we have a trade opportunity to play both sides of the market. Around noon there was an opportunity within or at the bottom of a decline. In the last hour of trading we attempt to establish support in the post-market and there is a move higher out of a decline. In the last hour there is a bit of a move higher to break through resistance and then we turn around and break back down.


There is a big decline off of the high. There is some traveling and bumping along resistance, possibly breaking through it and hitting another one around the low.


Sneak Preview:

A move higher with increasing bullishness as the day goes on.


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