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August 28, 2023 S&P 500 Predictions and Trades

Updated: Jul 16, 2023



  • Day’s Theme: Kind of a tricky day.


  • Behavior Around the High: Not specified.


  • Behavior Around the Low: Not specified.


  • Exclusive Trade Opportunities for Subscribers:

    • An opportunity to open a short position in the beginning of the day. I would close that position in the first hour and a half in the midst of a decline.

    • An opportunity to open a long position in the midst of three crisscrosses back and forth through the same price level between 1:00 and 2:00. I would close that at a peak or crest around 3:10.



Overview


On the 28th, we’ll either open lower or decline from a high to a low in the pre-market. Around the open, there’s a fast, sudden move higher out of a low that takes us to a peak or crest. We’ll then decline pretty notably from that peak or crest in the first half hour. That selling will continue into 11:00 where we’ll have a rally along a diagonal trend line that ends with a fast, sudden move higher. We’ll then break down through that diagonal trend line with increasing volatility on the way down.


There’s a crest midday that we’ll sell from down to and through support. We’ll do a U-shaped reversal and then come back up to reuse that support level as support. We’ll then have three crisscrosses back and forth through the same price level confirming a bullish trend. There’s a trade opportunity around 2:00 when we have a rally along a diagonal trend line where we’ll break through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels. That rally will end around 3:10 around overbought territory where we’ll sell off through multiple support levels. Right around the close, there’s a notable move to the upside.



Sneak Preview


We’ll open lower on the 29th at a key support level.






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