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February 17, 2023 S&P 500 Predictions



  • Day’s Theme: We may see a lowest low, however it’s nullified so we might not stay there very long.


  • Behavior Around the High: An opportunity to open a long position out of the high.


  • Behavior Around the Low: Sideways fluidity along a key support level with equal amounts of bulls and bears trading.


  • Trade Opportunities:

    • An opportunity to close out of a short position at the bottom of a U-shaped dip between roughly 10:00 a.m. and 11:00 a.m.



Overview



On February 17th, we’ll have a notable move higher in the pre-market. We’ll establish support on a one-day scale in the pre-market. There’s a prominent move higher off of that support where we establish new support at least momentarily. There’s a decline around the open followed by a notable move to the upside from the bottom of a range to the top of a range. We’re bound within the range that’s created there. There’s a U-shaped dip between roughly 10:00 a.m. and 11:00 a.m. There’s a low for the day within that dip and it offers an opportunity to close out of a short position from the previous day. We’ll then move to the upside and break through resistance to meet a new crest.


There’s volatility midday after bumping along resistance and a sharp dip within that period of volatility. That’s followed by a move higher that creates a new local crest or peak for the day. We’ll move higher through resistance, stay above it briefly, and then break back down. There’s a prominent low where we attempt to establish support between roughly 2:00 p.m. and 3:00 p.m. Between 3:00 p.m. and the close, there’s a rally up to a key resistance level. We’ll then decline from that resistance level with consecutively lower spikes up on the way down. That’s followed by a continuation of the rally to the upside into the close and the post-market.


Sneak Preview


We’ll open lower on the 21st and we’ll fall through a key support level on a one-day scale that we recently fell through once before.



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