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March 21st, 2023 S&P 500 Predictions

Updated: Feb 20, 2023



  • Day’s Theme: A rally that offers an opportunity to open a short position. A lot of trade opportunities today.


  • Behavior Around the High: We’ll decline out of the high and break down through a support level that we recently broke down through once before.


  • Behavior Around the Low: A strong resistance level that we bump up against several times near the low. We’ll then likely hit the low at some point after bumping up against that resistance level.


  • Trade Opportunities:

    • An opportunity to open a short position in the midst of a move higher around the open. That position could be closed at the bottom of a range around 10:00 a.m.

    • An opportunity to open a long position after closing the short position at 10:00 a.m. I would close that long position in the midst of a breakout midday.

    • A trade opportunity midday in the midst of a breakout.

    • A trade opportunity around the close.



Overview


On March 21st, we’ll start the day higher in the pre-market. We’ll then decline from near overbought territory from a crest in the pre-market. We’ll continue to sell off into the open with a notable decline around the open. Also around the open, we’ll see a move higher which offers an opportunity to open up a short position. There’s a decline through multiple support levels following that move higher. That bearish trend ends at the bottom of a range around 10:00 a.m. That’s followed by a notable move to the upside where we bump up against a key resistance level on the scale of at least a one-day chart if not a multi-day chart. Between 11:00 a.m. and noon, we’ll break through a resistance level, stay above it briefly, and then break back down through that same price level with a full retracement.


There’s a trade opportunity midday in the midst of a breakout. At the end of the day, there’s a move to the upside into a key resistance level. We’ll establish new support at that resistance level. We’ll have three crisscrosses through that price level. There’s a trade opportunity right around the close. After the third cross through that price level around the close, a bullish trend is confirmed, and that’s followed by a move to the upside in the post-market.



Sneak Preview


On March 22nd, we’ll open higher, however there’s a full retracement of that move and we’ll decline early in the morning.


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