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July 6, 2023 S&P 500 Predictions and Trades

Updated: Jun 8, 2023



  • Day’s Theme: A brief peak that’s easily missed followed by a sharp decline through multiple support levels.


  • Behavior Around the High: An attempt to establish support near the high.


  • Behavior Around the Low: A period of sideways rotation that increases with bullish momentum as we move out of the low.


  • Exclusive Trade Opportunities for Subscribers:

    • I’m advised to trade around price swings.

    • An opportunity to open a short position. I would close that around the close.

    • An opportunity to open a long position at the close. I would close that the following day.



Overview


On July 6th, there’s a failed attempt to break through key resistance around the open followed by a decline through key support. There’s a completion of a rally that marks a trade opportunity in the first half hour. There’s a failed attempt to break through key resistance followed by a decline into a trough in the first half hour. There will be a lot of volatility around a key resistance between 10:00. and 11:00. There will be a brief peak that’s easily missed followed by a decline. There’s a period of sideways rotation between 11:00 and noon. That sideways rotation ends with a fast, sudden move higher between 11:30 and noon. That move higher marks an opportunity to open a short position.


Midday, we’ll decline to revisit a support level. Out of oversold territory between roughly 1:00 and 2:00 there’s a big move higher taking us to another crest roughly around 1:15. We’ll decline pretty notably into the 2:00 to 3:00 hour. There’s a crest that we’ll sell off from in the last hour down to and through support. We’ll do a U-shaped reversal below that support and then come back up to reuse it as support. There’s an opportunity to open a long position at the close.




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